Electric Vehicles Benefits In Income Tax. Section 80eeb gives tax deductions of up to ₹1,50,000 on interest paid on loan amount on the purchase of electric vehicle. On electric automobiles and suvs, maharashtra offers a maximum subsidy of rs 2.5 lakh, while delhi, gujarat, assam, bihar, and west bengal offer maximum.
On electric automobiles and suvs, maharashtra offers a maximum subsidy of rs 2.5 lakh, while delhi, gujarat, assam, bihar, and west bengal offer maximum. Under section 80eeb, individuals can avail of tax deductions of up to ₹1,50,000 on the interest paid for the loan amount used to purchase electric vehicles,.
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.
With a motive to build a mindset of a sustainable environment and promote the purchase of electric vehicles, the government of india has introduced a new section.
The Section Is Applicable To Individual Taxpayers And Offers A Tax Deduction Of Up To ₹ 1.5.
On electric automobiles and suvs, maharashtra offers a maximum subsidy of rs 2.5 lakh, while delhi, gujarat, assam, bihar, and west bengal offer maximum.
The Deduction Will Be Available For Both.
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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 2019, the government announced tax benefits under the new section 80eeb.
The Section Is Applicable To Individual Taxpayers And Offers A Tax Deduction Of Up To ₹ 1.5.
In simple terms, the total amount of deduction an individual taxpayer can claim under section 80eeb is the lower than:
According To The Union Budget 2019, The Government Of India Is Offering A Tax Exemption For The Purchase Of Electric Vehicles, Applicable To Both Four And Two.