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Section 80 EEB: Tax Exemption on Purchase of Electric Vehicles?

Section 80 EEB: Tax Exemption on Purchase of Electric Vehicles?

WebFeb 20, 2024 · Amongst the various tax saving investments, buying an electric vehicle (EV) has become one of the most lucrative ways to reduce the tax liability. Under Section 80EEB, you can claim a tax deduction of up to Rs 1,50,000 for the interest repayment for a loan taken for the purchase of an electric vehicle. To be eligible, the loan should have been ... WebJan 9, 2024 · Under the income tax act Section 80 EEA, a deduction on the principal amount of up to Rs. 1,50,000 is available. This is eligible over the Rs. 2 lakh available under Section 24 (b). Therefore, a taxpayer can enjoy a total deduction of Rs. 3.5 lakh meeting all the eligibility criteria falling under Section 80EEA income tax act. crx header invalid google chrome WebMar 3, 2024 · Section 80EE was first introduced in the Budget 2014 only for 2 years (FY2013-14 & 2014-15) with a maximum deduction limit of INR 1 lakh. However, this … WebMar 1, 2024 · Section 80EEB: Interest paid on Electric Vehicle Loan: Individual: Upto Rs 1,50,000 subject to some conditions: Section 80G: Donation to specified funds/institutions. Institutions ... Check the … convert lyr to qgis WebMar 17, 2024 · Section 80EE of the Income Tax Act, 1961 was formulated with the aim of making housing more affordable in India. It allows a first-time homeowner, whose home loan was sanctioned between 1st April 2016 and 31st March 2024, to claim tax deductions of up to ₹50,000 on the interest portion of the mortgage. You can continue to claim the 80EE ... WebA complete guide on Section 80EEB of income tax act. Also find out the deduction under Section 80EEB for FY 2024 - 23 & AY 2024 - 24 from Goodreturns. crx header invalid idm opera WebJul 4, 2024 · The loan should have been sanctioned by the financial institution during the period 01-04-2024 to 31-03-2024. Such electric vehicle may be taken for personal use or for business purposes. If the assessee uses such vehicle for personal use, deduction under section-80EEB shall be available up to Rs. 1,50,000. However, if the assessee uses such ...

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