Income Tax Benefit For Electric Vehicles. The goods and services tax (gst) on sale of electric vehicles has been reduced from 12% to 5%. With this new announcement, the upper cap has been brought down to a maximum of 15% of an electric vehicle’s cost starting 1st june 2023.
With this new announcement, the upper cap has been brought down to a maximum of 15% of an electric vehicle’s cost starting 1st june 2023. Aside from the subsidy, the government also offers income tax benefits for electric vehicle buyers.
Electric Vehicle Deductions, Tax Benefits &Amp; Eligibility.
1,50,000 under section 80eeb on the interest paid on loan taken to buy electric vehicles.
In 2019, The Government Announced Tax Benefits Under The New Section 80Eeb.
A deduction of up to 1,50,000 is permitted under section 80 eeb.
The Ministry Of Road Transport &Amp; Highways Has Advised State.
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With This New Announcement, The Upper Cap Has Been Brought Down To A Maximum Of 15% Of An Electric Vehicle’s Cost Starting 1St June 2023.
Under section 80eeb of the income tax act, you can claim a deduction of up.
The Deduction Will Be Available For Both.
You can purchase an electric car for your own usage or for use in your business as an assessee.
Section 80Eeb Gives Tax Deductions Of Up To ₹1,50,000 On Interest Paid On Loan Amount On The Purchase Of Electric Vehicle.