What is the benefit available for Purchasing electric vehicle ?If yes How salaried income person Can avail this benefit ?
Under this section, deduction of interest payment on loan taken to purchase Electric Vehicle shall be available whether for person or business purpose. The deduction under this section would be available till the repayment of loan.
Deduction u/s 80EEB is available for 4 wheeled vehicles and also for 2 wheeled vehicles
Important Points to be noted are:-
The meaning of Electric vehicle is not restricted to Car alone but includes all kind electric vehicles
The benefit under section 80EEB is available only to an Individual. However businessmen can claim interest paid towards any business assets purchased as deduction against its income.
Use of the vehicle by the taxpayers is not a condition for deduction u/s 80EEB.
And most important, the deduction is available only if the vehicle is purchased by availing loan. Further, only if the loan is taken from financial institution. More here.