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Home Business Opinion

Budget 2021: Indians want to increase tax deduction limit on electric vehicle, revealed in pre-budget poll

Business News by Business News
January 5, 2021
in Opinion
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Union Budget 2021, tax benefit on electric vehicle loan interest, Indians want increase in tax deduction limit on electric vehicle loan interest, section 80EEB, income tax act
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The deduction can be availed only on the first EV loan.

Union Budget 2021: The trend of electric vehicle (EV) is gradually increasing in the country. In view of this, car companies are also giving electric cars a place in their portfolio. Renowned electric vehicle company Tesla is going to bring the product to the Indian market from this year. In order to promote the purchase of electric vehicles in the country, the government also announced tax deduction of up to Rs 1.5 lakh on the interest of EV loan in the year 2019.

Now many citizens want to increase this limit. This thing has come out from a Twitter poll. Financial Express Online Hindi had sought a readers’ opinion on raising the tax deduction limit on the interest of EV loan through a Twitter poll. For this, he was asked the question, ‘A tax deduction of up to Rs 1.5 lakh can be claimed on the interest paid on taking a loan for the purchase of electric vehicle sold in the budget 2019. Should the government increase this limit in Budget 2021?

85 per cent of the participants in this poll answered yes to the question. At the same time, 5 per cent of the participants answered ‘No’ and 10 per cent opted for ‘No interest in EV purchase’.

What is the provision for a tax deduction on EV

In the Budget 2019, it was announced to claim a tax deduction of up to Rs 1.5 lakh on the interest paid on taking a loan to buy an electric vehicle (EV). The claim for a new tax deduction on the interest of EV loan can be made from April 1, 2020, under section 80EEB of the Income Tax Act. For this, this loan should be taken between 1 April 2019 to 31 March 2023. Also, there is a condition that deduction can be availed only on the first EV loan.

Budget 2021: Government makes policy regarding digital health, Healthcare sector budget expectations

Only individual taxpayers can benefit

According to the Clear Tax, the benefit of tax deduction under section 80EEB is only for individuals and not for other taxpayers. That is, Hindu Undivided Family (HUF), AOP (Association of Persons), Partnership Firm, Company or any other taxpayer cannot claim this deduction. An individual taxpayer can purchase the electric vehicle for personal or business use.

Tags: budget 2021budget 2021-22finance ministerFinance Minister Nirmala SitharamanGeneral budget 2021income taxIncome Tax ActIncome tax deductionIncome tax deduction on electric vehicleIncome tax deduction on EVIncome tax lawindians want increase in tax deduction limit on electric vehicle loan interestLimit of section 80eebNirmala Sitharamansection 80eebsection 80eeb limitSection 80eeb of income tax lawSection 80eeb tax savingTax benefit on electric vehicletax benefit on electric vehicle loan interesttax benefit on ev loantax benefit under section 80eebtax deductiontax deduction claimtax deduction limit under section 80eebTax deduction on electric vehicleTax deduction on EVTax deduction under section 80eebTax saving in section 80eebtax saving under section 80eebunion budget 2021union budget 2021-22
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