Under Section 80EEB, you can claim a tax deduction of up to Rs 150,000 for the interest repayment for a loan taken for the purchase of an electric vehicle. To be eligible, the loan should have been sanctioned between 1st April 2024 and 31stMarch 2024. WebGreen Car Loan: For Electric Cars Features Documents Required Features Age : 21-70 years. (For sanction of loan) Repayment Period : Minimum 3 Years; Maximum 8 Years Rate of Interest Fixed: Further concession of 25 BPs in applicable rate of interest for normal car loan across the category of customers (Please refer Interest rate chart)

Insertion of new sections 80EEA and 80EEB

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A Guide to Sec 80EE, Sec 80EEA and Sec 80EEB - CAclubindia

Web17 Mar 2024 · Therefore, a new section 80EEB has been introduced, allowing a deduction from total income for interest paid on loan taken by an individual from any financial institution to purchase electric vehicles from … Web4 Jul 2024 · Yes, in order to promote electric vehicle usage, the Government came out with this new Section 80EEB where the loan taken for the purchase of an electric vehicle can be claimed as a deduction like how you can claim the decution for your housing loan interest. Section 80EEB has been inserted from the assessment year 2024-21. Web15 Mar 2024 · With barely a fortnight to go for the March 31 deadline, you need to act fast if you wish to qualify for the Section 80EEB benefit. This section was introduced in the 2024 Union Budget to promote the usage of electric vehicles (EVs). Suresh Surana, founder, RSM India, says, “Section 80EEB of the Income-Tax (I-T) Act, 1961, provides a ... hawaii information service center