80tta
This query is : Resolved
20 November 2014
SIR I WANT TO KNOW THAT AN INDIVIDUAL (RESIDENT) HAVING INTEREST INCOME ON FOREIGN BANK ACCOUNT WILL ALLOWED AS DEDUCTION U/S 80TTA.
AS I STUDIED THERE IS NO MENTION ABOUT INTEREST SHOULD BE ONLY FROM INDIAN BANK.
Please give your valuable answers
AS I STUDIED THERE IS NO MENTION ABOUT INTEREST SHOULD BE ONLY FROM INDIAN BANK.
Please give your valuable answers
20 November 2014
Eligible savings account for claiming deduction
Saving accounts with any of following entities will qualify:
Bank or banking company;
If the above conditions are satisfied you can claim exemption.
Saving accounts with any of following entities will qualify:
Bank or banking company;
If the above conditions are satisfied you can claim exemption.
20 November 2014
Section 80TTA provides deduction in respect of interest income earned from a deposit account (not being a time deposit account) held with a bank to which the Banking Regulation Act applies.
Banking Regulation Act applies to a foreign bank which is operating in India.
So intee=rest earned on an account held with the Indian branch of a foreign bank will be eligible for deduction u/s 80TTA.
Banking Regulation Act applies to a foreign bank which is operating in India.
So intee=rest earned on an account held with the Indian branch of a foreign bank will be eligible for deduction u/s 80TTA.
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20 November 2014
IT MEANS IF I HAVE AN ACCOUNT IN FOREIGN ( NOT BEING INDIAN BRANCH) WOULD NOT BE ELIGIBLE FOR 80TTA
20 November 2014
Banking Regulation Act is NOT applicable to a foreign bank not operating in India.
Accordingly deduction u/s 80TTA is not available for account held with such bank.
Accordingly deduction u/s 80TTA is not available for account held with such bank.
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20 November 2014
so check whether the bank u talking is covered by banking regulations act or not, if yes then ur allowed deduction else not.
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