Buying an electric car? Check out 5 benefits you will receive
Are you thinking of buying a new car? Is an electric car on your list? If not, you can consider buying an electric vehicle instead of one running on petrol, diesel or CNG and thereby help reduce emission of fossil fuels in the atmosphere. Yes, buying an electric car will not only be cost efficient but is also environmentally friendly. Also, the Indian government is taking several measures to boost the sale of electric vehicles in the country. Here are some of the benefits that buying an electric car can offer you. Check details.
As the name suggests, an electric car or any other electric vehicle runs on a battery, which you need to recharge on a regular basis. Thus helping you to save money that you will spend on petrol or diesel. It can be noted that the power rate may vary from place to place but it will still be lower compared to the amount you will be spending on purchasing fuels.
The degrading environmental condition like the rise in pollution is a cause of concern. Also, along with other factors, the increase in the number of vehicles on the road is also contributing to the rise in air pollution by emitting carbon dioxide. What needs to be noted is the electric vehicles also emit carbon, however, it is still comparatively less from the petrol and diesel cars.
Buying an electric car will also give you tax benefits. A deduction of ₹1.5 lakh for interest paid on loan taken for buying EVs is allowed under Section 80 EEB, from assessment year 2020-21. What you have to note is that the loan needs to be sanctioned between April 1, 2019 and March 31, 2023 and is allowed only for individual taxpayers or an individual running a business. Also, a green tax will be levied on personal vehicles after 15 years, while electric and
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