Can HUF asses see claim exemption of tax up to Rs 50 ,000 interest on Bank fixed deposits and Savings account for Ay 2019-20
when KARTHA/ or a member of HUF is a senior citizen ?
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Sec. 80 ttb exemption of tax on interest from bank deposits and savings account
Replies (5)
No.
No, as allowed only to INDIVIDUAL Senior Citizen.
Can HUF give gift to kartha of HUF,, which is permissible I think, and take fixed deposit in the name of kartha in his individual capacity to avail the benefit of sec 80 ttb ?Please advise
individual assessee who is a senior citizen can only claim 80ttb on savings Bank account and fixed deposit interest
HUF cannot give gift to any member for investment in individual name, otherwise income will be clubbed.
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