Electric Vehicle Deduction Under Income Tax. Do you know that you can avail tax deduction on loan taken for purchase of electric vehicle under section 80eeb on income tax. This deduction is in addition to the benefits provided by other sections of the income tax act.
That is, if a person has a deduction of interest under 80 eeb, he shall not be allowed to claim any deduction under any provision, like the deduction for expenditure. Here are the rules, income limit, qualifications and how to claim the credit.
A Deduction Of Up To 1,50,000 Is Permitted Under Section 80 Eeb.
Eligibility for claiming deduction u/s 80eeb.
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As Per This Section, Individuals Can Avail For A Deduction Amount Of Up To Rs 1,50,000 Per Annum On Payment Of Interest On A Loan Secured For The Purchase Of An.
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This Deduction Is In Addition To The Benefits Provided By Other Sections Of The Income Tax Act.
This new section offers a deduction of up to inr 1.5 lakhs with respect to the interest on the loan taken by an individual for the purchase of an electric vehicle.
It Was Introduced For The First Time In The Finance Act,.
Electric vehicle deduction under income tax act ca neeraj jawla august 24, 2021 section 80eeb of the income tax act:
So, This Will Bring A Huge Reduction In The Purchase Price Of The Vehicle.