#taxsaving How to save Rs.45,000 in TAXES?
👉 Did you purchase any Electric vehicle on loan?
✅ @OlaElectric S1 Pro
✅ @atherenergy 450X
✅ @TataMotors Nexor or Tigor EV
✅ or any electric vehicle (2, 3 or 4 wheeler)
If yes, Then read 🧵 to save upto 45K in taxes.
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Section 80EEB provides deduction of upto Rs. 1,50,000/- on Interest paid on loan for purchase of Electric vehicle (EV).
Let's understand who, when, and how can claim this deduction with examples.
(2/7) #Olaelectric #bounceinfinity #EV #FutureOfMobility
Who can claim deduction?
✅Individual
✅Purchased electric vehicle (bike, car, auto etc)
✅on a Loan from Bank or NBFC
🔴 HUFs/ Firms/ Companies can't claim deduction :(
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When can you claim deduction?
✅Loan is sanction between 1-4-2020 to 31-3-2023
✅Interest is payable/paid*
🔴EV should NOT be a Hybrid. It should be PURE EV.
* Note: Deduction for Interest can be claimed even if Interest is due but not paid.
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How can you claim?
✅Obtain Interest certificate from bank / NBFC
✅ Provide it to your CA while filing your ITR.
Note: Sole proprietor using EV for business and claiming deduction under 80EEB. Then cannot claim depreciation in PGBP.
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Example:
Purchased @TataMotors Nexon for Rs. 15L financed through loan on 1st April, 2021 at 12% p.a. for 3 years
FY 21-22 Interest: Rs.1.22L (ref. image)
80EEB Deduction : Rs.1.22L (Lower of Rs.1.22L or 1.5L)
Tax savings* : Rs.36.6K
*Assuming 30% tax bracket
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Summary:
⏺️ Purchase EV (2,3,4 wheeler) on Loan
⏺️ Loan sanction b/w 1/4/20 - 31/3/23
⏺️ Interest deduction up to Rs.1.5L
I hope you found this thread useful :)
Retweet and Share it with your friends who purchased a EV and didn't treat you 😆 🤣
#ElectricVehicles #EVs