{"id":7874,"date":"2025-07-16T06:24:28","date_gmt":"2025-07-16T06:24:28","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/?post_type=glossary&#038;p=7874"},"modified":"2025-07-16T06:24:31","modified_gmt":"2025-07-16T06:24:31","slug":"section-80ttb","status":"publish","type":"glossary","link":"https:\/\/lemonn.co.in\/blog\/glossary\/section-80ttb\/","title":{"rendered":"Section 80TTB"},"content":{"rendered":"<p><strong><a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/section-80ttb\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Section 80TTB<\/a><\/strong> allows <strong>senior citizens<\/strong> to claim a <a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/tax\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>tax<\/a> deduction of up to <strong>&#x20B9;50,000<\/strong> on <strong>interest income<\/strong> earned from savings, <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/fixed-deposit\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">fixed deposit<\/a>s, or recurring deposits in banks, post offices, and co-operative societies.<\/p>\n\n\n\n<h2 id=\"who-can-claim-this\" class=\"wp-block-heading\">Who Can Claim This?<\/h2>\n\n\n\n<p>Only <strong>resident senior citizens<\/strong>, i.e., individuals aged <strong>60 years or above<\/strong>, can claim this benefit.<\/p>\n\n\n\n<p>Applies to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Retired salaried individuals<\/li>\n\n\n\n<li>Pensioners<\/li>\n\n\n\n<li>Senior investors with bank\/post office accounts<\/li>\n<\/ul>\n\n\n\n<p>Not available to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Non-senior citizens<\/li>\n\n\n\n<li>HUFs, firms, or companies<\/li>\n<\/ul>\n\n\n\n<h2 id=\"what-types-of-income-are-covered\" class=\"wp-block-heading\">What Types of Income Are Covered?<\/h2>\n\n\n\n<p>Section 80TTB covers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Interest from <strong>savings accounts<\/strong><\/li>\n\n\n\n<li>Interest from <strong>fixed deposits (FDs)<\/strong><\/li>\n\n\n\n<li>Interest from <strong>recurring deposits (RDs)<\/strong><\/li>\n\n\n\n<li>Interest from <strong>co-operative banks<\/strong> and <strong>post office deposits<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>Important:<\/strong><br>It does <strong>not cover<\/strong> interest from corporate <a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/bonds\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>bonds<\/a>, <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/mutual-fund\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">mutual fund<\/a>s, or debentures.<\/p>\n\n\n\n<h2 id=\"deduction-limit\" class=\"wp-block-heading\">Deduction Limit<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Maximum deduction allowed: <strong>&#x20B9;50,000 per year<\/strong><\/li>\n\n\n\n<li>If your interest income is <strong>less than &#x20B9;50,000<\/strong>, you can claim the full amount<\/li>\n\n\n\n<li>If it&#x2019;s more than &#x20B9;50,000, deduction is <strong>capped at &#x20B9;50,000<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 id=\"simple-example\" class=\"wp-block-heading\">Simple Example<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mr. Sharma, age 65, earns &#x20B9;45,000 interest from FDs and &#x20B9;10,000 from a savings account.<\/li>\n\n\n\n<li>Total interest income = &#x20B9;55,000<\/li>\n\n\n\n<li>Deduction allowed under 80TTB = &#x20B9;50,000<\/li>\n\n\n\n<li>Taxable interest = &#x20B9;5,000<\/li>\n<\/ul>\n\n\n\n<h2 id=\"80ttb-vs-80tta\" class=\"wp-block-heading\">80TTB vs 80TTA<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Feature<\/th><th>Section 80TTB<\/th><th><a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/section-80tta\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Section 80TTA<\/a><\/th><\/tr><\/thead><tbody><tr><td>Who can claim<\/td><td>Senior citizens<\/td><td>Non-senior individuals<\/td><\/tr><tr><td>Max deduction<\/td><td>&#x20B9;50,000<\/td><td>&#x20B9;10,000<\/td><\/tr><tr><td>Covers FD\/RD interest?<\/td><td>Yes<\/td><td>No (savings a\/c only)<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">80TTB vs 80TTA<\/figcaption><\/figure>\n\n\n\n<h2 id=\"points-to-remember\" class=\"wp-block-heading\">Points to Remember<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You <strong>don&#x2019;t need to invest anything<\/strong>&#x2014;it&#x2019;s based on <strong>interest earned<\/strong>.<\/li>\n\n\n\n<li>You must be a <strong>resident of India<\/strong>, aged 60+ at any time during the financial year.<\/li>\n\n\n\n<li>Claim it under the <strong>old tax regime<\/strong>&#x2014;not available in the new regime (without exemptions).<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Section 80TTB allows senior citizens to claim a tax deduction of up to &#x20B9;50,000 on interest income earned from savings, fixed deposits, or recurring deposits in banks, post offices, and co-operative societies. Who Can Claim This? Only resident senior citizens, i.e., individuals aged 60 years or above, can claim this benefit. Applies to: Not available [&#x2026;]<\/p>\n","protected":false},"author":9,"featured_media":0,"menu_order":0,"template":"","meta":{"footnotes":""},"class_list":["post-7874","glossary","type-glossary","status-publish","hentry"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary"}],"about":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/types\/glossary"}],"author":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/users\/9"}],"version-history":[{"count":1,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7874\/revisions"}],"predecessor-version":[{"id":7875,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7874\/revisions\/7875"}],"wp:attachment":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media?parent=7874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}