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.
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