If senior citizen have rs. 60000

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mahaveer dhelariya (devta) (Querist)
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06 June 2018 If senior citizen have rs. 60000 interest from saving account, then deduction 80TTA rs. 10000 + 80TTB rs 50000 available or not? for A.Y. 2018-19

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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06 June 2018 They can only claim one maximum u/s 80TTB Rs.50000/-Fixed Deposits (FD) interest upto Rs 50,000 .

Tony John

Tony John (Expert)
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07 June 2018 A deduction of lower of Rs 50,000 or amount of specified income is allowed from gross total income. Specified income is any of the following income in aggregate:
- Interest on bank deposits (savings or fixed)
- Interest on deposits held in co-operative society engaged in the business of banking including co-operative land mortgage bank or a co-operative land development bank;or
- Interest on post office deposits
With the introduction of Section 80TTB exclusively for senior citizens, deduction under Section 80TTA is not available to senior citizens.

ALKESH T MEHTA

ALKESH T MEHTA (Expert)
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08 June 2018 Exemption U/S 80 TTB is available from F.Y.2018-19(A.Y.2019-20).The querist has asked for saving bank interest of Rs.60000/-,which is allowable U/S 80TTA to the extent of Rs.10000/-.Rs.50000/- is taxable as income from other source.

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