Is senior citizens wl get both deductions u/s 80TTA and 80TTB or not??
4 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 06 May 2019
No...
If avail 80ttb then no way for claim 80tta. Also it's included in 80ttb.
If avail 80ttb then no way for claim 80tta. Also it's included in 80ttb.
Ashwin Kumar
(1234 Points)
Replied 06 May 2019
80tta is for individual assessee who is not a senior citizen and the deduction is restricted to rs 10000 or interest whichever is lower on interest income from savings bank account only.
whereas 80ttb is for senior citizen and the deduction is restricted to 40000 on interest inch cd from savings Bank account and fdr
whereas 80ttb is for senior citizen and the deduction is restricted to 40000 on interest inch cd from savings Bank account and fdr
Kevin Sheth
(9 Points)
Replied 07 May 2019
no ...
under section 80 tta is for individual and deduction is restricted to RS. 10000 (interest on savings bank account)
under section 80 ttb is for individual who was senior citizen (age more than 60) and deduction available of Rs. 50,0000 which will be effective from 01.04.2019
senior citizen can get only ded under sec 80 ttb and not under 80 tta
under section 80 tta is for individual and deduction is restricted to RS. 10000 (interest on savings bank account)
under section 80 ttb is for individual who was senior citizen (age more than 60) and deduction available of Rs. 50,0000 which will be effective from 01.04.2019
senior citizen can get only ded under sec 80 ttb and not under 80 tta
rama krishnan
(12239 Points)
Replied 07 May 2019
agree with Mr Kevin but there's a typographical mistake I. e. it's not 500000 but 50000
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