According to the provisions in the Income Tax Act, 1961 pertaining to income under the head 'Salaries', with respect to 'Children education allowance', which of the following statements is correct?
1
Children education allowance is exempted up to Rs. 300 per month per child up to a maximum of two children
2
Children education allowance is exempted up to Rs. 100 per month per child up to a maximum of three children
3
Children education allowance is exempted up to Rs. 100 per month per child up to a maximum of two children
4
Children education allowance is exempted up to Rs. 200 per month per child up to a maximum of two children