The year 2023 is going to be very good for those who buy a new car because the government is making such a plan that now tax exemption will be given on buying a new car. Come let’s know the whole news in detail
Finance Minister Nirmala Sitharaman can announce for the people who buy a new vehicle. Yes, if you buy an Electric Vehicle (EV), then the government gives you income tax exemption on that. Only those people who want to get rebate in income tax can take advantage of this scheme. This exemption is going to end on 31 March 2023. In such a situation, the government can take this scheme even further. The government had brought this scheme in the year 2019. In such a situation, it is expected that this scheme can be extended till 2025 soon.
This scheme is running since 2019
If someone takes a loan to buy electric vehicles, then the interest that is charged on it. That amount is being exempted from income tax. Yes, the government came up with this scheme in 2019. Under this, you can claim a deduction of Rs 1.5 lakh in a financial year. Let us tell you that this scheme is going to end on 31 March 2023. In such a situation, it is expected that the government will increase this deduction soon. The advantage of this scheme is that this rebate is available till you repay the loan.
That’s why the date may increase.
At present, the cost of electric vehicles is high. In such a situation, there is a need to make them affordable for the people. If there is such a scheme then people can show interest in buying it. In such a situation, the government can make some announcements in the budget to make them affordable. The battery used in these vehicles. It is very expensive. Due to this the cost of EV is also high. For people to buy these vehicles, the government is also paying attention to the infrastructure and the focus is increasing in that sector as well. Apart from this, work is also going on to prepare a network of charging stations in different parts of the country.
