Can we show parents LIC for tax exemption?

Yes, in a family husband or wife any one can pay the life insurance premium and claim the tax benefits under section 80 C of income tax act. Children till the age of 23, their insurance premiums can also be paid and claimed for tax deductions.

Do tuition fees come under 80C?

Section 80C of the Income Tax Act has provisions for tax deductions on tuition/education fees paid by a parent towards educating his/her children. Taxpayers can avail deductions to a tune of Rs 1.5 lakh under Section 80C (as per 2020-21 tax slabs), with other investments also eligible for this rebate.

Can I claim my wife’s education expenses?

You cannot claim any deduction for tuition fee paid for your wife’s education. Deduction under Section 80C is allowed only for the tuition fee of children—and only up to two children—provided their educational institution is situated within India.

Can I deduct tuition paid for my child?

Yes, paying for your son’s College tuition is deductible. He should also receive a Form 1098-T, Tuition Statement which reports the amount of qualified education expenses paid by the student (or you) during the tax year. Educational institutions you paid tuition to should send you this form by January 31.

Can you claim parents as dependents on taxes?

Your parent must first meet income requirements set by the Internal Revenue Service to be claimed as your dependent. To qualify as a dependent, Your parent must not have earned or received more than the gross income test limit for the tax year. This amount is determined by the IRS and may change from year to year.

Can we claim Indian parents as dependents?

No, you cannot claim your parents in India. In order to claim a dependent who does not live with you, they have to be a U.S. Citizen, resident alien, national, or resident of Canada or Mexico.

Can both parents claim tuition fees?

2) Each parent can claim the deduction for the tuition fees paid for up to two children each, thereby covering a maximum of four children in a family. 3) This deduction is available to the parent who has made the payment, to the extent of the tuition fee actually paid or Rs 1.5 lakh, whichever is lower.

Can both parents claim college tuition on taxes?

Parents and kids can’t both claim the tuition and fees deduction.

Do parents have to claim college students as dependents?

If your child is a full-time college student, you can claim them as a dependent until they are 24. If they are working while in school, you must still provide more than half of their financial support to claim them. However, you may still be able to claim them as a dependent even if they file their own return.

When can I claim my parent as a dependent?

Is tuition fee taxable under Section 80C?

This is because tuition fee qualifies for tax benefit under Section 80C of the Income-tax Act, 1961. The amount of tax benefit is within the overall limit of the section of Rs 1.5 lakh a year.

Who is eligible for tax deduction for tuition fees?

Who is Eligible: Deduction for tuition fees u/s. 80C of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education.

What are the additional deductions allowed under Section 80C for children?

For some salaried individuals, payment of education or school tuition fees for children can be part of their salary structure. Let’s also talk about the additional deductions allowed under section 80C for the same. Children’s Education Allowance: INR 100 per month per child up to a maximum of 2 children.

Can parents claim school tuition on their taxes?

If both parents are working and pay taxes, both can claim individually up to the amount of fees paid. Sending kids to school has an inbuilt tax advantage for parents. This is because tuition fee qualifies for tax benefit under Section 80C of the Income-tax Act, 1961.