abhishek vats (Mba) (364 Points)
19 May 2013is 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
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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