Can Sec 80TTB deduction be claimed after set off of overall losses of IFOS against HP Income
This query is : Resolved
15 December 2021
Assessee having HP Income and also does maintenance of said property for which separate amount is charged from Tenants. The expenditure on Maintenance is more than Income thus leading to overall loss which is being shown under head" Income from Other Sources" and the same is being set off against HP Income.
Assessee being senior Citizen received Interest on FDR of Rs.50000/-
Income from Other sources
Loss from Building Maintainence-300000
Interest on FDR-50000
Net Loss under the "Income from Other Sources-250000
Can He claim deduction against Interest on FDR u/s 80TTB after overall set off of rs.250000/- from HP income?
Assessee being senior Citizen received Interest on FDR of Rs.50000/-
Income from Other sources
Loss from Building Maintainence-300000
Interest on FDR-50000
Net Loss under the "Income from Other Sources-250000
Can He claim deduction against Interest on FDR u/s 80TTB after overall set off of rs.250000/- from HP income?
CA R SEETHARAMAN
(Expert)
15 December 2021
Yes, 80TTB can be claimed in such a case.
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