80tta

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MAITHRI (Querist)
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20 June 2013 If a partner has SB interest from his individual bank account can he claim deduction under section 80TTA restricted to Rs 10000 from his gross total income?

Ganeshbabu K

Ganeshbabu K (Expert)
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20 June 2013 Please refer 80TTA Subsection 2

you cannot avail this deduction..

no deduction shall be allowed under this section in respect of such income in computing the total income of any partner of the firm or any member of the association or any individual of the body.

Thanks & regards
Ganesh babu k

MAITHRI

MAITHRI (Querist)
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21 June 2013 Thanks for the reply,
But the section reads any deposit in a savings account held by or on behalf of a firm ,then deduction cannot be claimed; so if the partner has income derived from his own bank account and not from the firm's bank account he can claim deduction right?

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Ganeshbabu K

Ganeshbabu K (Expert)
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21 June 2013 please refer above extract given in my reply

there is exemption for individual and huf

but it says it is not applicable to computation of total income of partner

for your reference

"no deduction shall be allowed under this section in respect of such income in computing the total income of any partner of the firm or any member of the association or any individual of the body."

refer said section in income tax act..

Thanks & regards
Ganesh babu k