WebFeb 28, 2024 · Section 80EEB – Deduction in respect of interest paid on loan taken for the purchase of electric vehicle. Updated on: 22 Apr, 2024 04:09 PM. This is a newly inserted … WebFeb 7, 2024 · 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. Further, …
Section 80EEB of Income Tax Act - Goodreturn
WebAnswer (1 of 3): Section 80EEB of Income Tax Act, 1961 provides deduction in respect of interest paid on loan taken for the purchase of electric vehicle. Deduction under this section is available to individuals only. No other taxpayer can claim deduction under this section. Amount of Deduction ... WebApr 13, 2024 · What is Income Tax Section 80EEB? The deduction towards the interest furnished on loan opted via buying of the electric vehicle is opened beneath section 80EEB of the income tax act 1961 which is mentioned through the finance act 2024. The deduction is available to increase the buying of EVs all across the country. hogsplash
You can save up to Rs 1.50 lakh tax on buying electric vehicle
WebFeb 28, 2024 · Section 80EEB is a new section added to the Income Tax Act of 1961 and introduced by the Indian government in the Union Budget 2024. Under this section, an individual can claim a deduction of up to Rs. 1.5 lakh on the interest paid on the loan taken for purchasing an electric vehicle. Section 80EEB tax benefits are a part of the FAME … WebMar 9, 2024 · The budget further stated that the advanced battery of the e-vehicles will be incentivised. With the introduction of the new Section 80EEB, taxpayers who have taken a loan for buying an e-vehicle will be able to get a tax deduction on the interest paid for the loan. The loan needs to be sanctioned between the period 1 st April 2024 and 31 st ... WebDec 10, 2024 · Section 80EE – Deduction on Home Loan Interest. Tax deduction under Section 80EE of the Income Tax Act 1961, can be claimed by first-time homebuyers for the amount they pay as interest on a home loan. The maximum deduction that can be claimed under this section is Rs. 50,000 during a financial year. Does VPF come under 80C? hub cafe hadleigh