Cost Of Electric Vehicle For Income Tax Deduction. This tax exemption on electric vehicles is allowed for the interest paid on the loan taken but not on repayment of the loan. For electric vehicles used for business purposes, individuals can claim a deduction of up to โน1,50,000 under section 80eeb.
Section 80eeb deduction in respect of purchase of electric vehicle income tax act 1961 2021". This tax exemption on electric vehicles is allowed for the interest paid on the loan taken but not on repayment of the loan.
The Government Of India Is Promoting Electrical Vehicles Heavily.
Section 80eeb of the income tax act enables individuals to get tax savings by claiming a deduction on interest payments on loans availed for purchasing evs.
In Addition, An Income Tax Deduction Of Up To Rs.1.5 Lakh Is.
Section 80eeb is a new section added to the income tax act of 1961 and introduced by the indian government in the union budget 2019.
When Paying Off An Ev Loan, A Total Tax Exemption Of Up To Rs 1,50,000 Is Available Under Section 80Eeb.
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The Deduction Will Be Allowed For The Loan.
A special income tax benefit under section 80eeb is announced by the government for evs.
Any Interest Payments Exceeding โน1,50,000 Can Be.
Not just the income tax benefit, an ev purchase will also bring you tax benefit on gst, with the government having cut the rate to 5% from the earlier 12%.
