manish_s (ap) (34 Points)
19 May 2020HI,
My interest income exceeds taxable limit but not sure which standard deductions and other exemptions I can claim while filing ITR1? Will deductions under 80c also available. I am living on rent but managing to pay. Can I claim HRA. Though I withdrawn pf after 5 years, my account was inoperative for 2 years, so I have to pay tax on this interest of 2 years. Which deductions and exemptions are available to save tax if I have no other income except interest income. Thanks
CA. Umesh kumar
(ca.umesh11@gmail.com)
(1465 Points)
Replied 21 May 2020
You can claim deduction on interst under section 80TTA/TTB as applicable. 80C deduction available to you. you can claim HRA if salaried employee, self employed can claim deduction under section 80GG on rent paid.
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