A part of money you spend on educating your kids can be claimed as tax deduction u/s 80C of I-T Act. The tuition fees paid in school for children is eligible for deduction. As this deduction comes u/s 80C, therefore the maximum limit allowed as deduction is Rs. 1,50,000 (together with all other deductions u/s 80C & 80CCC). This deduction can be claimed by individual for maximum 2 children and is only allowed on actual amount paid as tuition fees to eligible educational institutions.
Did you know that interest paid for education loan can also be claimed as deduction? The benefits are covered under section 80E. To know about it, read this comprehensive guide.