80tta
This query is : Resolved
20 November 2014
SIR I WANT TO KNOW THAT AN INDIVIDUAL (RESIDENT) HAVING INTEREST INCOME ON FOREIGN BANK ACCOUNT WILL ALLOWED AS DEDUCTION U/S 80TTA.
AS I STUDIED THERE IS NO MENTION ABOUT INTEREST SHOULD BE ONLY FROM INDIAN BANK.
Please give your valuable answers
AS I STUDIED THERE IS NO MENTION ABOUT INTEREST SHOULD BE ONLY FROM INDIAN BANK.
Please give your valuable answers
CA R SEETHARAMAN
(Expert)
20 November 2014
Eligible savings account for claiming deduction
Saving accounts with any of following entities will qualify:
Bank or banking company;
If the above conditions are satisfied you can claim exemption.
Saving accounts with any of following entities will qualify:
Bank or banking company;
If the above conditions are satisfied you can claim exemption.
20 November 2014
Section 80TTA provides deduction in respect of interest income earned from a deposit account (not being a time deposit account) held with a bank to which the Banking Regulation Act applies.
Banking Regulation Act applies to a foreign bank which is operating in India.
So intee=rest earned on an account held with the Indian branch of a foreign bank will be eligible for deduction u/s 80TTA.
Banking Regulation Act applies to a foreign bank which is operating in India.
So intee=rest earned on an account held with the Indian branch of a foreign bank will be eligible for deduction u/s 80TTA.
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20 November 2014
IT MEANS IF I HAVE AN ACCOUNT IN FOREIGN ( NOT BEING INDIAN BRANCH) WOULD NOT BE ELIGIBLE FOR 80TTA
20 November 2014
Banking Regulation Act is NOT applicable to a foreign bank not operating in India.
Accordingly deduction u/s 80TTA is not available for account held with such bank.
Accordingly deduction u/s 80TTA is not available for account held with such bank.
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20 November 2014
so check whether the bank u talking is covered by banking regulations act or not, if yes then ur allowed deduction else not.
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