Interest Income Deduction 80TTB

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This discussion clarifies whether a senior citizen can claim a deduction under Section 80TTB for interest income earned from bank fixed deposits. The consensus is that the deduction is indeed applicable. Senior citizens are eligible to claim up to Rs. 50,000 on their interest income from banks.

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(Querist)
30 August 2020 Dear Sir/Madam,
assesse has salary, pension and interest income from fixed deposits with banks.
interest from bank fixed deposits is Rs. 179528/-, can he claim deduction of section 80TTB of Rs. 50000/- ? he is a senior citizen.
PLS GUIDE ON THIS.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
31 August 2020 Yes, can be claimed.
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Aashok Kumar Sharmapro badge online

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Aashok Kumar Sharmapro badge online (Expert)
31 August 2020 Yes.... correctly said...It is eligible for deduction
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