[superbad]

Originally Posted by sweetvar26

Could you explain the math behind this?



I was under the impression that being able to claim the depreciation in taxes, I thought it would be better to have a longer loan than a shorter one.

I was referring to a private buyer, not a business. For the latter, yes depreciation can be claimed.

[hajaar]

I called Hyundai for a test-drive/demo in Chennai but they said the car would be available only in August. Does anyone else have more information on this?

[aaaajwedk]

This is really exciting. Can't wait for Tesla to come to India one day!

[Holyghost]

Originally Posted by superbad

I was referring to a private buyer, not a business. For the latter, yes depreciation can be claimed.

Hasn't the budget announced Income Tax benefits on the interest paid on Electric vehicle loans? With a 7 year loan, the interest amount would be
Rs220146 for Year1, Rs194437 for Year2, Rs166247 for Year3 and 135337, 101442, 64276 and 23522 for years 4,5,6 and 7. I guess quite a sizeable amount can be saved on the income tax for people in top most bracket IT slab.

[shibujp]

Originally Posted by Holyghost

Hasn't the budget announced Income Tax benefits on the interest paid on Electric vehicle loans? With a 7 year loan, the interest amount would be
Rs220146 for Year1, Rs194437 for Year2, Rs166247 for Year3 and 135337, 101442, 64276 and 23522 for years 4,5,6 and 7. I guess quite a sizeable amount can be saved on the income tax for people in top most bracket IT slab.

I believe this is a one time discount on the interest paid and not a yearly exemption like that for a home loan.

Drive on,
Shibu.

[Holyghost]

Originally Posted by shibujp

I believe this is a one time discount on the interest paid and not a yearly exemption like that for a home loan.

Drive on,
Shibu.

Even I am not sure about that, but I definitely remember our Finance Minister mentioning that this benefit will help the people save 2.5L over the period. If it is a one time deduction, the max someone can save is 50K (30% of 1.5L).

[speedmiester]

Originally Posted by Holyghost

Hasn't the budget announced Income Tax benefits on the interest paid on Electric vehicle loans? With a 7 year loan, the interest amount would be
Rs220146 for Year1, Rs194437 for Year2, Rs166247 for Year3 and 135337, 101442, 64276 and 23522 for years 4,5,6 and 7. I guess quite a sizeable amount can be saved on the income tax for people in top most bracket IT slab.

The tax benefit will be for the interest component for a maximum of 1.5L in a year and to a maximum of 2.5L over the loan period.
So in the above example, the benefit for the first year is limited to 1.5L out of 2.2L interest and for the second year it will be 1L out of 1.9L and that ends the tax benefit.
This is as of this year's budget. This might get expanded over the next budget's depending on the response.

[jaaz]

GST rate on all Electric Vehicles reduced from 12% to 5% and of Charger or Charging stations for EVs from 18% to 5%.

Hiring of electric buses (capacity more than 12 passengers) by local authorities exempted from GST.

Changes - Effective from 1st August, 2019.

source: PIB, Govt. of India.

[FrodoOfTheShire]

Firefighters in Montreal believe that a Hyundai Kona EV, the all-electric version of the Kona, exploded and caused a garage fire in Île-Bizard on Friday.



Source

[Sk8r]

Originally Posted by FrodoOfTheShire

Firefighters in Montreal believe that a Hyundai Kona EV, the all-electric version of the Kona, exploded and caused a garage fire in Île-Bizard on Friday.


Source

Assuming the battery caused this fire, this was exactly my worry.

Just look at the impact of the blast

[gururajrv]

Well, the explosion inside the engine runs the piston in an ICE vehicle. What do we have here? An explosion outside is deadly. Imagine someone would’ve been driving the time bomb. Don’t mean to demean the EV’s but this is deadly scary. Imagine a company like Hyundai who’s known for good products, they’ve a vehicle that’s blown half of the house into pieces. Imagine budget EV cars that we are likely to see in the coming days. We have seen cases with ICE too. Anyways it’s all luck at the end of the day and hope Hyundai compensates the owner with the car atleast whilst mostly the repairs of the house is going to be taken care by the insurance. But will this have a negative impact on Kona worldwide?

[Aditya_Bhp]

https://www.autocarindia.com/car-new...59-lakh-413670

The Kona's price has been updated and now starts at Rs.23.71 Lakhs post the GST Cut.

So the price difference between the Kona EV and the Creta 1.6D SXO is down to 8.2Lakhs!

[speedmiester]

Originally Posted by Aditya_Bhp

https://www.autocarindia.com/car-new...59-lakh-413670

The Kona's price has been updated and now starts at Rs.23.11 Lakhs post the GST Cut.

So the price difference between the Kona EV and the Creta 1.6D SXO is down to 8.2Lakhs!

Correction, now the price is 23.71L and 23.91L respectively for the single tone and dual tone versions

[serious_maniac]

In Blr, Creta SX(O) CRDi is 19.70L OTR compared to 24.2 L OTR for Kona, post GST cut (source : Cardekho).

You add 2.5L of interest which is tax exempt (benefit of Rs. 75000 for 30% tax bracket folks) and the difference is down to 3.75L. Kona will sell well in cities where general RTO tax is high and EV tax is less.

~m

[Aditya_Bhp]

Originally Posted by serious_maniac

In Blr, Creta SX(O) CRDi is 19.70L OTR compared to 24.2 L OTR for Kona, post GST cut (source : Cardekho).

The difference in Kerala is close to 10 Lakhs.

Creta SXO will cost around 19.4Lakhs and the Kona 29.5Lakhs