BENEFITS OF UNION BUDGET 2019 FOR COMMON MAN ON THE BASIS OF HOME LOAN, ELECTRIC VEHCILE, PAN CARD

      1-  Good News for Homeless People for loan
      
                                                                                                     
                  New Section Insert - Section 80EEA  -   
v  In this section deduction in respect of interest up to 1.5 lacs on loan taken for residential house property from any financial institute subject to the condition .

      Conditions
  •      Loan has been sanctioned by a financial Institution between 1st April 2019 to March  2020.
  •       The stamp duty value of house property does not exceed Rs 45 lacs.
  •        Assesses does not own any residential house property on the date of sanction of loan.
Conclusion
  •       If a person purchase residential house during this period and he paid interest Rs 4,00,000 then he can claim interest u/s 24 (b)  Rs 200,000 and u/s 80 EEA Rs 1,50,000 . that means he can claim total 3,50,000 interest.

2- Rebate Available for Electric Vehicle
 New Section Insert  (Electric Vehicle)– Section 80 EEB-                       
    
v Provide for a deduction of interest on loan taken for purchase of electronic vehicle from financial institution up to  Rs 1.5 Lacs  subject to conditions.     

 Conditions
  •       Loan has been sanctioned by a financial Institution between 1st April 2019 to March 2023..
  •           Assesses does not own any other electric vehicle on the date of sanction of loan.
  •            This deduction is only for non business assesses.

        
         3-  Adhar Card can be used instead of Pan Card to file return.
                 Amend in Section 139AA(2)-  
v  The PAN allotted to a person shall be deemed to be invalid , in case  the person fails to intimate the Adhaar Number , on or before the  notified date .
v  In order to protect the validity of transactions previously carried out through such PAN , it is proposed to amend the said proviso so as to provide that if a person fails to intimate the  Adhaar Number , the PAN allotted to such person shall be made inoperative in the prescribe manner.

Conclusion
  •        Adhaar Number is mandatory for every person  . if a person fails to intimate Adhaar Number to the Income Tax department , the PAN allotted to that person shall be inoperative.

Author

 CA Pooja Shukla FCA
RYPS & ASSOCIATES LLP
    Contact No: 9810505547

Comments

  1. AnonymousJuly 14, 2019 at 11:57 PM

    very informative

    ReplyDelete
  2. UnknownJuly 16, 2019 at 3:46 AM

    Home loan interest benefit is like Nano car, i.e. to convert tenants to small landlords like Nano converted bike owners to small car owners but it is available only within this year. So, one has to speed up.

    Electric vehicle interest exemption is indeed a welcome step for employees and other non-business class persons although it is expensive, will be popular by next year and not fluent unless charging stations come up.

    Out of 22 crore allotted PANs in Bharat, only 13 crore PANs are linked with Adhaar till yet. So, this would definitely increase the 3.7 crores ITR filed last year.

    ReplyDelete

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