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Exemtions undeer sec 10 for pension earners

Chinnappan D M (Consultant) (96 Points)

02 March 2015

I am retired bank employee and am receiving pension every month & i am filing my return every year. I am also receving rent and interest on bank deposits. Pl clarify whether I can claim deductions under sec 10 towards fuel expenses for my car and telephone bills etc. If so is there any limit/restriction. Can any one clarify me

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J. K. Ratan (Compliance Advisor) (794 Points)
Replied 02 March 2015

Dear Sir

As you are a retire employee than you are not eligible for Deduction under section 10 of income tax act 1961.

But as you mention you can claim deduction under section 80TTA for interest income upto 10000 on saving account,.

And Depreciation under section 57 of income tax act for income from other sources (Rent Received)

Note:- For claiming Depreciation under section 57 of income tax act 1961, the let out property should be registered in your name. (you should be legal owner of that property)