80tta

This query is : Resolved

MAITHRI (Querist)
Follow

20 June 2013 If a partner has SB interest from his individual bank account can he claim deduction under section 80TTA restricted to Rs 10000 from his gross total income?

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

20 June 2013 Please refer 80TTA Subsection 2

you cannot avail this deduction..

no deduction shall be allowed under this section in respect of such income in computing the total income of any partner of the firm or any member of the association or any individual of the body.

Thanks & regards
Ganesh babu k

MAITHRI

MAITHRI (Querist)
Follow

21 June 2013 Thanks for the reply,
But the section reads any deposit in a savings account held by or on behalf of a firm ,then deduction cannot be claimed; so if the partner has income derived from his own bank account and not from the firm's bank account he can claim deduction right?

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

21 June 2013 please refer above extract given in my reply

there is exemption for individual and huf

but it says it is not applicable to computation of total income of partner

for your reference

"no deduction shall be allowed under this section in respect of such income in computing the total income of any partner of the firm or any member of the association or any individual of the body."

refer said section in income tax act..

Thanks & regards
Ganesh babu k

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

BABUSHANKAR BASAPPA

DURGA TANDEL

R.Prashanth

swaminathan

CA Rahul Patwardhan

Subscribe Now

80tta

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA