Correct Answer - Option 2 : maximum two children
The correct answer is maximum of two children
Tax deduction: A tax deduction is a reduction in tax liability that tends to reduce a person's or an organization's tax burden. Deductions are the expenses incurred by a taxpayer during the year on which government does not charge tax and thus can be subtracted from the assessee's gross income to determine the amount of tax owing.
People who pay any amount/fees for their children's education can claim a tax deduction under Section 80C.
Eligibility |
This deduction is available only to an individual parent or guardian or sponsor. |
How many Children |
For each individual, the deduction is limited to a maximum of two children.
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Maximum Limit |
Every financial year, each parent can claim a deduction of up to Rs 1.50 lakh. It should be noted that the total amount of deductions under sections 80C and all its subsections for each parent cannot
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The institution, college, or university must be located in India, even if it is affiliated with a foreign college. Fees paid to a foreign university situated outside India are NOT eligible for this deduction.