54 can also be availed. The Finance Bill 2013 has imposed an obligation on the buyer of an immovable property to deduct tax at the rate of 1% where the total amount of consideration is R50 lakh or more.
I earned some interest income from a post office savings bank account. Can I claim exemption under Section 10(15) as well as deduction under Section 80TTA against such an interest income?
— Harish Malik
Under Section 10(15)(i), any income by the way of interest on a post office savings bank account is exempt from tax to an extent of R3,500 in the case of an individual account and R7,000 in the case of a joint account. Thus, interest income beyond R3,500 or R7,000, whichever applicable, will be taxable and form a part of the gross total income.
Further, while computing
the total income, a deduction up to R10,000 will be available under Section 80TTA of the IT Act. Since both provisions are separate, you can claim the benefit of both the Sections.
n The writer is founder of RSM Astute Consulting Group
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