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80tta

Aditi Dosi (CA Final Student) (105 Points)

28 September 2014

My one client have income from salary , business & other sources. But he has loss in business. He has saving interest of rs. 9000 and business loss is 26 lac and income from salary is rs. 250000, he cannot set off his business loss from salary income but he can setoff business loss from income from other sources. So my querry is whether he can claim deduction u/s 80TTA as he has taxable income

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4 Replies

Jaikishan (CA) (168 Points)
Replied 28 September 2014

He can claim provided if the client is an individual or HUF, other than that nobody can claim deduction in that section.

Mihir (Wealth Manager) (5293 Points)
Replied 29 September 2014

He may claim exemption u/s 80TTA.

Eswar Reddy S (CFO- at NHTF) (58275 Points)
Replied 05 October 2014

As per your question, you can not claim extra deduction under section 80TTA.First you need to declare the SB interest as an income then need to claim 80TTA.So it will not impact the tax payable in this case.

Aditi Dosi (CA Final Student) (105 Points)
Replied 05 October 2014

I think so it will impact as first of all SB interest will set of against business loss and then deduction is availabe from salary income of 80 TTA so my query is whether I can claim deduction or not? Please justify your answer