Interest on recurring deposit
This query is : Resolved
Manoj Prasad
(Querist)
20 January 2015
for an Individual
Recurring Deposit for 3 year
invested amount 36000/- Maturity Rs.39220/-
Interest Rs.3220/-
Recurring deposit for 1 year
Invested amount Rs.12000/-Maturity Rs.12980/-
Interest Rs.980/-
I want to know whether both amount of interest earned Rs.3220/- and Rs.980/- Taxable or not .....
Thanks & Regards
Recurring Deposit for 3 year
invested amount 36000/- Maturity Rs.39220/-
Interest Rs.3220/-
Recurring deposit for 1 year
Invested amount Rs.12000/-Maturity Rs.12980/-
Interest Rs.980/-
I want to know whether both amount of interest earned Rs.3220/- and Rs.980/- Taxable or not .....
Thanks & Regards
20 January 2015
yes all intrest whther reinvested or otherwise shall be taxable as income from other sources.
Rupesh Jain
(Expert)
20 January 2015
yes both intt are taxable under the income from other sources.
Manoj Prasad
(Querist)
20 January 2015
Mr Tushar Sampat Ji,
I have both income
1- interest received from Savings Rs.455/-
2 - interest received from Recurring Deposit as above,
In ITR-2, i shall show Rs.455/-as interest income from other source and claim deduction u/s 88TTA, but where do I show interest from recurring..should i show total amount (interest from saving + interest from recurring as income from other sources, and claim only Rs.455/- u/s 80TTA...plz reply
I have both income
1- interest received from Savings Rs.455/-
2 - interest received from Recurring Deposit as above,
In ITR-2, i shall show Rs.455/-as interest income from other source and claim deduction u/s 88TTA, but where do I show interest from recurring..should i show total amount (interest from saving + interest from recurring as income from other sources, and claim only Rs.455/- u/s 80TTA...plz reply
20 January 2015
both intrest are taxable but int on savings a/c shall be qualified for sec 80TTA deduction upto 10,000.
yes first show under income from other sources and then u/s 80 chapter VIA deduction u can take sec 80TTA dedcution
yes first show under income from other sources and then u/s 80 chapter VIA deduction u can take sec 80TTA dedcution
24 January 2015
Manoj Ji you are correct in your observation.
Show interest from saving + interest from recurring as income from other sources, and then claim deduction of Rs.455/- only u/s 80TTA. RD interest is not eligible for deduction u/s 80TTA.
Show interest from saving + interest from recurring as income from other sources, and then claim deduction of Rs.455/- only u/s 80TTA. RD interest is not eligible for deduction u/s 80TTA.
Manoj Prasad
(Querist)
28 January 2015
Sanjay Gupta Ji...Thanks..
One more query..
In individual having following income & activities...
1-income from salary
2-income from other sources
3-he also involve in share trading and having short term/long term gain and dividend income..I want to know which ITR SHOULD HE FILE...THANKS & REGARDS
One more query..
In individual having following income & activities...
1-income from salary
2-income from other sources
3-he also involve in share trading and having short term/long term gain and dividend income..I want to know which ITR SHOULD HE FILE...THANKS & REGARDS
28 January 2015
ITR 2 needs to be filed.
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