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sakshi (Querist)
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23 May 2014 if i receive 50000 int as post office saving scheme. the cumulative treatment of 50000 -3500 u/s 10(15) -10000 80tta is this treatment correct??

Deepti Asawa

Deepti Asawa (Expert)
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23 May 2014 Post office savings bank interest is exempt up to Rs. 3,500 (in an individual account) and Rs. 7,000 ( in a joint account) under section 10(15)(i).
You can show remaining amount as Income from Other sources and claim deduction of the same u/s 80TTA.

Rupesh Jain

Rupesh Jain (Expert)
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23 May 2014 yes you can take exemption of intt of post office saving u./s 10(15) for single rs. 3500/- and balance amount of intt. can deduct u/s 80TTA upto rs. 10000/-

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