Hi;
Just wanted to confirm that if someone has sold property in April, 2021 and bought another house property in Oct, 2021 can he is eligible for 80EEA deduction?
Since he hold only one house at the time of loan sanction for that financial year.
If on the date of sanction of loan, the taxpayer does not own any house property, the benefit of Section 80EEA can be taken.
Also, if you have sold a residential house property and purchased a new residential house property, you can claim exemption on the capital gains income. Read more about it here.
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Till last year, I added 150000 to my PPF account, irrespective of contribution from my salary. So, I used to get benefit on only 150000, and the rest was taxable. But interest from 150000 in PPF and that in EPF was non-taxable.
Is it still applicable this year? Or, if my total contribution (PPF + EPF) exceeds 150000, interest over the surplus will be taxable?
Hey @ztvusbqpvrco, you can still avail the deduction of INR 1,50,000 if you file your ITR under the old tax regime. But, if you opt to file your return under the new tax regime, you will not be able to receive the deduction under section 80C. You can read this article for more details:
Hello @Maharshi_Shah, thanks for replying.
Not sure if I failed to explain myself, but I am not asking about 80C deduction. My question is regarding the new announcements regarding PF rule changes that happened in last April.
I know that my contribution (PPF+EPF) can get at most 1.5L deduction, and rest is taxable. Iām ok with that. Iām asking regarding taxability of the interest earned on those.
Hey @ztvusbqpvrco, as per the new rule, starting from the 1st of April of this year, the interest on employee contributions to PF of over INR 2.5L will be taxed. Therefore, the amount up to INR 2.5L is the deposit limit on which the interest earned is tax-exempt. Also, another important part to this announcement is that the government had later increased the limit on taxation of interest to INR 5L, but, only in cases where the employer is not making any contribution to the fund. I hope this resolves your query.
This definitely does. Thank you
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Hi, Can I get 80eeb tax benefit if loan is taken for buying a 2nd hand electric vehicle. Pls reply at the earliest.
Hello @Inder_Pal
Section 80EEB does not have any restriction for buying a 2nd hand vehicle. If the following conditions are met, you can claim the deduction:
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Definition of Electric Vehicle - vehicle which is powered exclusively by an electric motor whose traction energy is supplied exclusively by traction battery installed in the vehicle. Further, it has such electric regenerative braking system, which during braking provides for the conversion of vehicle kinetic energy into electrical energy.
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The loan that is taken for the purchase of an electric vehicle must be taken from a financial institution or an NBFC
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The loan taken for the purpose of buying an electric vehicle must be sanctioned between April 1, 2019 and March 31, 2023
Read more about Section 80EEB here
While declaring investments under 80C, whether to consider the purchase value or the current market value of the investments?(in the case of ELSS)
Hey @Vatan_Chourasia
To claim deduction under Section 80C for investment in ELSS in your ITR, always claim deduction of the investment amount.
Read more about it here
Hello how can i add my HRA component under sec 10(13A) as i dont see any such option in QUICKO
My employer has paid a professional tax of Rs 2400 in FY 2021-22. Can I claim Rs. 2400 of deduction under the section 16(iii) of the income tax act?
What are the requirements, limit and conditions to claim medical expenditure under 80Don behalf of the assessee in the income tax form?
what was the solution? I have filed 10BA and still see this as 0.
hi @Yash_Kaviya I also see that HRA under 80GG shows 0 out of $xxx eligible after filing 10BA. Can you please help ?