23 May 2014
if i receive 50000 int as post office saving scheme. the
cumulative treatment of
50000
-3500 u/s 10(15)
-10000 80tta
is this treatment correct??
23 May 2014
Post office savings bank interest is exempt up to Rs. 3,500 (in an individual account) and Rs. 7,000 ( in a joint account) under section 10(15)(i). You can show remaining amount as Income from Other sources and claim deduction of the same u/s 80TTA.
23 May 2014
yes you can take exemption of intt of post office saving u./s 10(15) for single rs. 3500/- and balance amount of intt. can deduct u/s 80TTA upto rs. 10000/-
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