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Practice Numerical - Section 80EEA

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28 views1 page

Practice Numerical - Section 80EEA

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boos
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Deductions in Computing Total Income ‘Quantum of Deduction Minimum of the following {Interest on loan payable for the previous year b. 1.50.00 ‘Other Points Double deduction is not available: Where a deduction under this section is allowed for any interest, deduction shall not be allowed in respect of such interest under any other provisions of the Act for the same or any other ‘assessment yeor. Provision ilustrated ‘Compute deduction u/s 80EEA in the following cases: (@infokh) Case1 | Cose2 | Case3 | Case4 | Cases | Cases Assessee A B c > E F (HUF) Date of Sanction of Loan 01-10-20 | 01-10-20 | 01-10-20 | 01-10-20 | 07-10-18 | 01-10-19 ‘Amount of loan ws | 230 | e400 | 30 | 20 20 ‘Stamp Duty Value of the property 40) ess | tas | tas | ts 35 Other residential property owned by the [No No No Yes No No ‘Assessee on the date of sanction Interest for P.¥.2019-20 220 | e120 | t120 | v1.20 | e100 | t1.20 Deduction u/s 80EE ziso | Ni | @120 | Ni Nil Nil Notes 1 2 3 4 5 6 ‘Assessee con claim & 70,000 being excess interest, as deduction u/s 24(b} 2. Asvalue of the property exceeds? 45 lac hence, deduction u/s 80EEA is nol available. However, assessee con claim deduction u/s 24(6) 3. Deduction connot exceed interest on loan. 4. As ossessee owns other residential house property on the date of sanction of loan, hence, deduction u/s B0EEA is not available. However, assessee can claim deduction u/s 24(b) Loan was not sanctioned during the previous year 2019-20 The deduction u/s 80EEA is not available to HUF, however, assessee can claim deduction u/s 24(b) Perot anes acts Applicable to Individval (resident or non-resident) Conditions to be satisfied Loan: The assessee has taken loan for purchase of an electric vehicle from any financial institution. Electric vehicle means a vehicle which is powered exclusively by an electric motor whose traction energy issupplied exclusively by traction battery installed in the vehicle and has such electric regenerative braking system, which during braking provides for the conversion of vehicle kinetic energy into electrical energy. The Institute of Cost Accountants of India 397

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