- If you are buying an electric car, then the government will give you a profit.
- Interest rate up to Rs 1,50,000 for electric car purchase
- Only private taxpayers can use this
India is moving fast towards the evolution of computer vehicles. Whether in terms of rising fuel prices or being financially secure while protecting the environment, people are buying more and more electric cars in India. Various government agencies have also announced huge reductions in the purchase of electric vehicles in their area. Registration with insurance is free in almost all countries.
But did you know that driving an electric car not only saves you money on gasoline but also gives you a tax deduction? However, as a private car is considered a luxury item under Indian tax laws, paid professionals do not pay tax on car loans. But if you are buying an electric car, then the government will give you a profit.
what is its value
To encourage the use of electric vehicles in India, the government has introduced a new section that does not pay electric motorists for tax purposes. Under the Income Tax Act, tax exemptions are available under section 80EEB in the payment of an electric car loan. You can earn up to Rs 1,50,000 by buying an electric car.
Buy a car or scooter, everyone benefits
No distinction has been made in the vehicle category to exclude this from the Income Tax Act. Whether you buy a scooter or an electric SUV, you will get a tax benefit of Rs 150000 lakh anyway. Those who choose to purchase EV on credit will be eligible for a tax deduction of Rs 1.5 lakh on the interest paid on the loan under section 80EEB.
Who can take advantage of it?
Only private taxpayers can use this. No other taxpayer is eligible for removal. That is, HUF, AOP, Partnership Company, company or any other type of taxpayer may not be eligible for this waiver.
Customers first discount
You should be aware that this discount is only available once per person. So, if you are a tax collector and you already have an electric scooter or a car before the fiscal year, then you can not take advantage of this opportunity. Only new customers are eligible for the 80EEB section tax deduction.
There is no discount on purchases
You should keep in mind that the benefits of forgiveness are derived from the interest on the interest paid. In that case, if you support an electric car, then you will benefit yourself. Remember that an EV loan must be provided by a financial institution or Non-Banking Finance Company (NBFC).