Deduction on Purchase of Electronic Vehicle

 Provisions of Section 80EEB – 

Income tax deduction on purchase of electronic vehicle is available for individual for personal use or for business use. 

Eligibility criteria :- Any individual (Resident as well as Non-resident individual) can take loan for the purpose of purchase of electronic vehicle for personal use from any financial institution and interest paid on such loan would qualify for deduction under this section. 

The deduction under this section available only for individual and not available for any other person, if you are HUF, AOP, Partnership firm, company or any other kind of person, you can not claim benefit of this section. 

Certain condition for availing this deduction :- 

1. The assess should be an individual (Resident as well as non-resident individual) 

2. Loan should be taken for purchase of electronic vehicle for personal use 

3. Loan should be sanctioned anytime during the period starting from 01-April-2019 to 31-March-2023 

4. Loan should be sanctioned by financial institution (Bank or Specified non-banking financial institution) Amount of deduction :- 

The maximum amount of deduction available under this section 80EEB is Rs. 1,50,000 per annum.

Regards

FOR KRISHNA LEGAL INDIA

KK SINGH

Email-advocatekksingh3@gmail.com

Mobile-9811813275