Income Tax Deduction For Purchase Of Electric Vehicle. The section is applicable to individual taxpayers and offers a tax deduction of up to โน 1.5. Section 80eeb of the income tax act, 1961 allows individuals to claim a deduction of up to rs.
In 2019, the government announced tax benefits under the new section 80eeb. Section 80eeb prescribes deduction of interest on loan taken by an individual for the purchase of electric vehicle.
Currently, India Has 2 Million Electric Vehicles (Evs) On Road.
Section 80eeb gives tax deductions of up to โน1,50,000 on interest paid on loan amount on the purchase of electric vehicle.
The Deduction Will Be Available For Both.
A deduction of up to 1,50,000 is permitted under section 80 eeb.
Section 80Eeb Deduction In Respect Of Purchase Of Electric Vehicle Income Tax Act 1961 2021&Amp;Quot.
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In Addition To This, Evs Are Exempt From Road Tax And.
Section 80eeb prescribes deduction of interest on loan taken by an individual for the purchase of electric vehicle.
You Can Purchase An Electric Car For Your Own Usage Or For Use In Your Business As An Assessee.
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.
1 [Deduction In Respect Of Purchase Of Electric Vehicle.