Electric vehicles, or EVs, are not only better for the environment, they are also more efficient than traditional gasoline-powered vehicles.

Furthermore, rising petrol and other fuel prices have contributed to many customers' desire to switch to electric vehicles.

EVs are not only cost-effective, they also have tax advantages in India.

Cars for personal use are considered luxury products under Indian tax laws, therefore salaried professionals do not receive any tax benefits on auto loans.

In order to encourage the use of electric vehicles in India, the government created a new section that exempts EV owners from paying taxes.

In order to encourage the use of electric vehicles in India, the government created a new section that exempts EV owners from paying taxes.

In India, there is no shortage of electric vehicle models, and with increased sales, various manufacturers are planning to introduce new models in the coming year.

Tax deductions on loan for EVs When paying off an EV loan, a total tax exemption of up to Rs 1,50,000 is available under section 80EEB.

This tax break is applicable for both four-wheeler and two-wheeler electric vehicle purchases.