Income Tax Deduction For Purchase Of Electric Vehicle Details. Currently, india has 2 million electric vehicles (evs) on road. The program provides incentives for the purchase of electric vehicles, thereby offering an additional reason for vehicle owners to opt for evs.
Taxpayers can expect an extension of this tax benefit by. Section 80eeb deduction in respect of purchase of electric vehicle income tax act 1961 2021".
The Deduction Will Be Available For.
This deduction can be claimed till the loan to buy the electric vehicle has been fully repaid by the buyer.
Section 80Eeb Is A Provision Where You Can Claim Deduction On Interest For The Purchase Of An Electric Vehicle.
The loan must be obtained from either the bank or a specified nbfc.
People Who Buy New Electric Vehicles May Be Eligible For A Tax Credit As High As $7,500, And Used Electric Car Buyers May Qualify For Up To $4,000 In Tax Breaks.
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Section 80Eeb Of The Income Tax Act, 1961 Allows Individuals To Claim A Deduction Of Up To Rs.
Section 80eeb gives tax deductions of up to โน1,50,000 on interest paid on loan amount on the purchase of electric vehicle.
The Loan Must Be Obtained From Either The Bank Or A Specified Nbfc.
This tax exemption on electric vehicles is allowed for the interest paid on the loan taken but not on repayment of the loan.
People Who Buy New Electric Vehicles May Be Eligible For A Tax Credit As High As $7,500, And Used Electric Car Buyers May Qualify For Up To $4,000 In Tax Breaks.