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Electric Vehicle Purchase Tax Benefit: If you are planning to buy a new car for your family, then this news can prove to be very useful for you. Suppose, you are getting a chance to buy such an electric car, which not only gives you income tax benefits, but also saves thousands of rupees for fuel like petrol and diesel in the future. Can also save the cost of. In this case, which option would you choose? Will you buy an electric car or a simple petrol-diesel powered car? Know what is the special update related to this. With this, you can get complete help in the decision to buy a car.
1.5 lakh rupees will be benefited
The demand for electric cars in the country is increasing rapidly. They are not taking the name of the reduction in the prices of Petrol-Diesel and CNG. Due to this, the public is also getting very upset and is deciding to buy Electric Vehicles. The same Modi government is giving a rebate of up to Rs 1.5 lakh under section 80EEB of the Income Tax Section to promote electric vehicles in the country. You can also take advantage of this.
Will get benefit on taking loan
The central government is giving a lot of emphasis on the sale of electric vehicles (EV) as compared to petrol-diesel vehicles. For this, the government has added section 80EEB in the income tax. Under this section, if a person takes a loan to buy an electric vehicle, then he can get a rebate of up to Rs 1.50 lakh in income tax in 1 year on the payment of his interest. However, the condition is that this benefit will be available only on individual purchase of EV.
How long will the discount be available
Any person in the country can take advantage of Section 80EEB of Income Tax. You will get the benefit of this discount if you use EV for private or even for business. If you are going to buy the electric car for business purposes, then the interest paid on the loan above Rs 1.50 lakh can be included as business expenses. The benefit of this exemption from the government has started from April 1, 2019, whose last date is March 31, 2023. That is, you can take advantage of it till this day.
Understand full details like this
Suppose, you like an electric car, which costs 22 lakh rupees. To buy it, you can take a loan of up to Rs 20 lakh. Now, in such a situation, you have to pay an interest of Rs 2 lakh at the annual interest rate of 10 percent. On this, you can claim a deduction of up to Rs 1.50 lakh under Section 80EEB of Income Tax. The remaining Rs 50,000 will be your taxable income.
1 lakh rupees will be saved every year
On the other hand, if you buy an electric car then you are going to get another benefit. In which you can save at least 1 lakh rupees a year by saving petrol and diesel. For example, there is a petrol car which gives a mileage of 15 km per litre. If you drive 20,000 kms in a year, you will end up spending around Rs.1.30 lakhs on petrol as per the current petrol rates. While the cost of driving an EV for 20,000 km will be around Rs 20,000. This means that around Rs 1 lakh per year can be saved separately.
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