WebThe tax is applicable only on purchase of cars above Rs.10 lakh or where there is a cash payment of Rs.2 lakh. The buyer has to pay the seller 1% tax on the purchased car. The owner of the car can later claim credit of the 1% tax while filing for income tax returns at the end of the year. The tax has to be paid by the buyer to the seller who ... WebFeb 2, 2024 · The maximum deduction available is Rs. 1.5 Lakh since Budget 2014. Another benefit comes in the form of a deduction for the amount paid as interest on the Home …
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WebSo, your total taxable profit for the year will be Rs 47.6 lakh after deducting the interest that you paid towards repaying the Car Loan. Other ways to save taxes on car purchase. … WebThere you have it, our quick guide on the most tax effective way to buy a car - as always, please consult a tax professional for advice specific to you and your situation. If you're … britannica foundation
Save income tax on car loan by opting for EV, here
WebAnswer (1 of 10): NO car Loan doesn’t reduce your income tax liability. Well - if you buying car on finance, then there is no benefit on Interest payable on car loan. Having said that, if … WebOct 28, 2024 · You can take tax benefit (deduction) of up to Rs 1.5 lacs per annum on interest payment towards a car loan subject to following conditions: The loan is taken to purchase an electric vehicle. Applies to both 2-wheelers and 4-wheelers. The loan is sanctioned between April 1, 2024, and March 31, 2024. The loan must be taken from a … WebNov 2, 2024 · Opt for leasing model for cars priced below Rs 15 lakh and when you are in the 30% tax bracket. Hence, the lease model makes more economic sense, if you plan on … can you tie dye a wet shirt