Deduction of interest on certain deposits

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Senior Superintendent K S E B Ltd
77 Points Posted on 20 January 2020
my father who is 81yrs old has a Savings bank account in State Treasury. whether the interest from the SB can be deducted whole computing the IT for AY 20-21
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On 20 January 2020 at 20:23 Report
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This discussion clarifies whether interest earned on a savings bank account, specifically with the State Treasury, can be deducted when computing income tax. The answer is yes, under Section 80TTB, up to a maximum of £50,000. Further clarification was sought regarding what 'State Treasury' entails and if it involves holding Government of India bonds or securities.

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39 Points Posted on 20 January 2020
Yes, he can u/s 80 TTB up to a maximum of ₹50000.
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On 20 January 2020 at 22:35
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17269 Points Posted on 23 January 2020
What do you mean by state treasury ?
Do you hold GoI bonds or securities ?
PL clarify
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On 23 January 2020 at 00:45

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