Electric Car: Buying a car is a dream for everyone. If you are buying an electric vehicle, you can save a lot by getting a subsidy from the government. Along with this, you can also save a lot on fuel costs.
The electric car craze is increasing not only in India but all over the world. Now different ranges of electric cars are coming in every market. People are buying electric cars according to their budget. Electric car sales have increased by 185 percent in October this year.
If you also want to buy an electric car, you should know that the government is giving a subsidy of Rs 4.5 lakh on the purchase of an electric car. So you can save Rs 1.5 lakh separately as tax. In this way you can get a total benefit of Rs 6 lakh by buying an electric car. Along with this, lakhs of rupees can be saved on petrol or diesel.
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Buying a car is like a dream for all of us. If you are buying an electric vehicle, you can save a lot by getting a subsidy from the government. Along with this, you can also save a lot on fuel costs. You need to find out how much the government is subsidizing your favorite electric vehicle in your state. Along with this you can also check how much you can save on petrol and taxes.
The central government gives a subsidy of Rs 3 lakh on purchase of an electric vehicle. For this you have to visit the website of the Ministry of Heavy Industries. You need to check whether the model of electric car you want to buy comes under the government subsidy or not. If you also want to buy an electric car, you can click on this link to get information about your preferred model.
In many states, the state government offers a separate subsidy on the purchase of electric vehicles. This grant amount can be up to one and a half lakh rupees. You also need to check how much the state government is subsidizing electric vehicles in your state.
If you take a loan to buy an electric vehicle, you can also get a tax deduction of Rs 1.5 lakh on the interest paid on the loan amount. Under Section 80EEB of the Income Tax Act, you can get an interest deduction of up to Rs 1.5 lakh on the loan amount taken to buy an electric vehicle.
With this if you travel 100 kilometers per day and spend 4 liters of petrol in a normal car, the amount is around Rs 400, which is 10 thousand as per 25 working days of the month. By buying an electrical car, your expenses will be only Rs.500. This way you can save Rs 9500 per month.