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1.5 lac deduction and 50000 exemption against deposit both taken

06 August 2019

Can senior citizen take advantage of 1.5 lac deduction and Rs 50000 exemption against fixed deposit both filing income tax return A/y 2019-20?

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8 Replies

Malhar Thaker (other) (323 Points)
Replied 06 August 2019

Yes, u/s. 80C & 80TTB of IT act, respectively.

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Kapadia Pravin (17264 Points)
Replied 06 August 2019

50000 is maximum deduction on bank FD interest & SB interest.

herbsandchilli Trading (81 Points)
Replied 06 August 2019

Originally posted by : Toufiq Qureshi
	Yes, u/s. 80C & 80TTB of IT act, respectively.

so a senior citizen (For AY2020-21)with only FD interest income say Rs 7 lakhs will pay no tax ? with a Rs 1.5 lakh SCSS deposit at post office (for 80c deduction ) + Rs 50,000 deduction for FD+SB interest income (under 80TTb )

Kapadia Pravin (17264 Points)
Replied 06 August 2019

You can open SCSS Account with Bank also

subhagan sreerangam (7057 Points)
Replied 07 August 2019

good clarification and information

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J S BHAVSAR (CONSULTING) (1288 Points)
Replied 07 August 2019

And if husband and wife are both Sr Citizens above age 60, they can open two SCSS Accounts Rs 15 Lakhs each, total Rs 30 Lakhs.

Joint SCSS Account 1: Husband primary account holder, wife secondary

Joint SCSS Account 2: Wife primary account holder, husband secondary

Atul Goyal (Founder) (22 Points)
Replied 28 September 2019

For Senior citizen the deduction available are

Under 80C Rs.150000 (investment in PPF, Mutula Fund TAx Savings Schemes, NSCs,etc.)

Under 80 TTB Rs. 50000 ( deduction out of interest income from Fixed Deposit and Savings deposit with Bank)

herbsandchilli Trading (81 Points)
Replied 02 October 2019

Originally posted by : Kapadia Pravin
	You can open SCSS Account with Bank also

Great ! AY2019-20 is finished & got FD interest refund as well . (income just below 5 lakhs)

For AY2020-21 projected income will be say Rs 6.5 lakhs. So if we open Rs 1.5 lakh "Senior Citizren Saving Scheme" 5yr Deposit in bank befor March 2020 , will it show in 26AS or we have to upload deposit documents for 80c deduction?( to get the 1.5 lakh 80C deduction in income?)