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Is MIS and NSC qualified deposit for Sec80TTB
Can i claim deduction for interest earned on MIS and NSC deposits in Post office u/s 80TTB?
Replies (2)
80ttb deductuons are for senior citizens, and then claim deduction up to 50000 in respect of interests from fixed deposits
Section 80TTB is applicable to Senior Citizens (aged 60 & above) & the cumulative interest from all deposits including the ones you mention is qualified for a deduction upto Rs. 50,000.
Section 80TTA is applicable to residents below 60 years of age & all NRI. Under it you can claim deduction of upto Rs 10,000 but only on the cumulative interest from all your Savings Bank accounts. This means you cannot claim it for interest from FDs, MIS or other such deposits.
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