Rule 10(14)ii read with 2BB, As per rule amount granted to meet the hostel expenditure on child Rs. 300/- pm per child up-to a maximum of 2 children "amount exempted to the extent of amount received or the0 limit specified which ever is less. Actual expenditure incurred in such cases does not have any relevance. In Question : hostel allowance received for 3children Rs. 400/-pm each during the year .(one daughter is staying in the hostel). What amount is exempt for Income Tax purpose.
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