WebFeb 7, 2024 · Amount of deduction under Section 80EEB. According to Section 80EEB, one can claim a deduction for interest payments up to Rs 1,50,000. This will enable individuals owing an EV for personal use to claim a deduction on interest paid on the vehicle loan. In addition, an individual can also claim a tax deduction of up to Rs … WebOct 20, 2024 · But the maximum deduction that can be claimed under this section is Rs 60,000. 10. Interest paid on loan taken to purchase electric vehicle In order to promote the usage of electric vehicle, the government is allowing a deduction up to Rs 1.5 lakh under Section 80EEB towards interest paid on loan taken for the purchase of electric vehicle.
Section 80 EEB: Tax Exemption on Purchase of Electric …
WebIf you find this video helpful then do LIKE, COMMENT and SHARE it with your friends and don't forget to SUBSCRIBE the channel and press the Bell Icon for fut... Web8 hours ago · Section 80EEB: Deduction in respect of interest up to Rs 1.5 lakh on loan taken for purchase of electric vehicle.. Section 80TTA: Deductions in respect of interest on savings bank accounts up to Rs 10,000 in case of assessees other than Resident senior citizens.. Section 80G: Donations to certain funds, charitable institutions, etc. Depending … luxury bedroom furniture toronto
Section 80E : Deduction for Interest on Education Loan
WebSection 80EEB: Deduction in respect of purchase of electric vehicle Section 80EEB(1) of Income Tax Act. In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial institution for the purpose of purchase of … WebFeb 2, 2024 · However, if it is used for personal purpose, you can claim deduction of interest u/s 80EEB in your ITR since you would be reporting both personal and business income in the ITR (under your PAN). As per the Income Tax Act, the deduction under Section 80EEB is applicable from 1st April 2024 i.e. FY 2024-21. WebJun 11, 2024 · 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 … luxury bedroom furniture india