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Electric Vehicle: Income tax exemption will be available by buying an electronic vehicle, see how much will be the benefit

Electric Vehicle Companies In India: If you are going to take any electronic vehicle, then it is going to prove to be very beneficial for you. Buying an electronic vehicle, especially an electronic car, brings you many benefits.

income tax benefits
With this you can get a big benefit in Income Tax. Also you can save a lot of money. To promote EV, the government is now going to give you a rebate in income tax. If you buy an EV then you are going to save big. Not only will you get exemption in income tax on the purchase of EV, but you will also get the benefit of GST. On the one hand, more than 40 percent GST has to be paid on other vehicles to the government, while on buying an electric car, you have to pay GST of only 5 percent.

you will get such discount
If you buy an electric vehicle on loan of Rs 20 lakh and it attracts an interest of 7.5 percent per annum. In this way, you will have to pay an interest of Rs 1.5 lakh. This entire interest will be deducted in the calculation of your total income. If you fall in the 30 percent bracket. According to this, only you can save tax of more than 45 thousand. This will be more or less depending on the different slabs and the price of the vehicle.

GST will be so much
You have to pay 18 to 28 percent GST on any EV vehicle. On the other hand, if someone is buying a luxury car, then along with 28 percent GST, a cess of 15 percent will also have to be paid on it. Accordingly, a total of 43 percent of the cost of the vehicle has to be paid in GST. But the central government has given only 5 percent discount on buying EVs.

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