A is entitled to children education allowance @ Rs. 80 p.m. per child, for three children, it amounts to Rs. 240 p.m. It will be exempted to the extent to which one of the following under the Indian Income Tax Act?
1
Rs. 200 p.m.
2
Rs. 160 p.m.
3
Rs. 240 p.m.
4
Rs. 300 p.m.