Is it duble benefit

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Mba

364 Points Joined September 2008

is it double benefit (red colour)

Q.. Mr .X - salary income-530000 , interest income from post office-15000. calculate totale income of Mr. X

Ans.-income under the head salary

salary income= 530000

income under the head other source

interest income= 15000

exempt u/s 10(15)=15000 = nil

gross total income = 530000

deduction under chapter- 6(80c-80u)

80TTA-interest income from post office= 10000

total income = 520000

Replies (1)

Guest

Your view is wrong in case of Section 80 TTA deduction.

The deduction will be applicable only if the interest income is included in the Gross total Income(i.e. the income before deduction)

As you mentioned the interest income is already exempt, no 80 TTA can be claimed for such interest as it is never part of gross total income.

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