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Problems in 80l

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(Querist)
28 February 2013 Please tell me whether Saving bank account interest is allowed as deduction u/s 80L
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
28 February 2013 80L was upto A.Y. 2005-06
Now it is not available
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Santosh Mishra

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Santosh Mishra (Expert)
02 March 2013 Yes section 80L has done way. But new section 80TTA has been inserted from financial year 2012-2013, you can claim exemption of interest up to 10000.
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
02 March 2013 80TTA is only for individual and HUF.
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Santosh Mishra

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Santosh Mishra (Expert)
02 March 2013 Yes Sir, 80TTA is only for individual and HUF but I believe section 80L in question also was for individual and HUF only.
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
02 March 2013 but 80L was till A.Y. 2005-06 so that is not relevant, I think
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Santosh Mishra

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Santosh Mishra (Expert)
02 March 2013 Yes, you are correct. I mentioned this in my first reply as well.

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