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Mihir Tanna  |819 Answers  |Ask -

Tax Expert - Answered on Mar 13, 2023

Mihir Tanna has more than 10 years of experience in direct taxation, including filing income tax returns.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
N Question by N on Mar 04, 2023Hindi
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My wife has an estimated income of Rs. 450000 by way of bank/post office interest.She has no savings this FY ( FY 2022-23) to get the benefit of 80C . She is a senior citizen aged 70 years. Does her income attract income tax ? What investment should she do to avoid tax ? .Dose she eligible for deduction of Bank deposit interest of 50000 under 80TTB ?

Ans: Yes, post deposits and bank deposits are eligible for deduction u/s 80TTB for senior citizen.

Further, rebate of Rs.12,500 is available for person earning taxable income upto Rs.5 lakhs. Thus, after considering rebate, there will not be tax liability.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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