Carry forward loss

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2013 Dear Sir/Mam
> as per sec 80tta int on sb is eligible for deduction.
> and int income also eligible set-off with business loss(normal)
>If i have s.b. int 1200 and loss 1500
> then may i get double benefit of int amount i.e. 1st one is sett-off and 2nd one is deduction u 80tta.... please reply??????

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 August 2013 You are having interest income Rs.1500 and business loss Rs.1500 so gross total income is nil and no scope for taking deduction u/s.80tta. so no double deduction

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2013 ok but i have
>chargeable salary income 4 lakh
>pgbp loss 1500
>interest income 1200
>now my i adjust int against loss
as well as taking deduction of 80tta 1200 both. or not

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Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2013 plz sir reply...........

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 August 2013 Incase you have any interest income remaining after adjust the loss,then only you have scope of taking deduction u/s.80TTA subject to the amount of remaining interest only. salary income is apply normal tax

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2013 sir
i have chargeable salary 4 lakh
>pgbp loss 1500
>interest on saving a/c 1200
may i get double benefit i.e.set off loss with int and get deduction u/s 80tta. both or not. pls reply

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 August 2013 All the deduction under chapter VI-A arise only if you have the taxable income after set off the losses as per applicable provision. in your case there is no income for getting deduction u/s.80TTA because of adjusted with loss. so no deduction 80TTA arise.

Income from Salary Rs. 4 lakh and loss from pbgp Rs.1500 adjusted with Rs.1200 interest income. so loss from business can be forward to next year Rs.300/- and salary income will be taxable after adjusting the chapter VI-A deductions other than 80TTA. because your gross total income not consists of interest income due to adjustment with business loss, so sec.80TTA deduction not available