The new income tax section 80eeb allows a deduction for the interest paid on the loan taken for the purchase of ev. The government will provide additional income tax deduction of rs 1 5 lakh rupees on the interest paid for loan taken to buy an electric vehicle.
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Updated jul 6 2019 10 31 am ist india wants electric vehicles to account for 30 per cent of all passenger vehicle sales in india by 2030.
Electric car tax benefits in india. The govt has decided to provide an additional income tax deduction of 1 5 lakh on the interest paid on loans taken to purchase electric vehicles. Finance minister nirmala sitharaman presenting the federal budget to parliament said buyers of electric vehicles will receive an income tax deduction of 150 000 rupees 2 189 30 on interest. This section is applicable from ay 2020 21.
India proposed tax waivers on friday on the purchase of electric vehicles and removed import taxes on some auto components to help boost sales and reduce its dependence on fossil fuels. Gst reduction tax benefits announced on evs here s all the electric cars you can buy in india. Sbi launched green car loan in april 2019.
In a bid to drive electric vehicle adoption in india finance minister nirmala sitharaman in her union budget address has proposed income tax benefits to ev buyers. The government of india is promoting electrical vehicles heavily. A special income tax benefit under section 80eeb is announced by the government for evs.
The benefits would be in the. The government of india has announced special tax benefits for those who purchase electric vehicles. While the list of electric cars available in india at present is still a bit too short there are many in the pipeline that will hit indian roads by 2020.
Sitharaman said the government has already proposed.
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