Electric vehicles (EVs) offer a significant potential towards developing transportation systems with low carbon footprint. However, a proper accommodation of EVs poses significant challenges to distribution system planning and operations. This article aims to investigate EVs scheduling strategies with cost benefit analysis (CBA) to obtain optimal planning scheme. EVs can either behave as load or as distributed energy resource, a concept referred to as vehicle to grid (V2G). A V2G capable vehicle can offer active power support and reactive power support to the distribution system. To maximize the benefits of integrating EVs in the distribution system, charging of EVs needs to be coordinated with the available V2G technology. In this study, two scheduling strategies are implemented considering active power dispatch (APD) and reactive power dispatch (RPD) from the EVs. The objective of both the strategies is to minimize losses in the system by utilizing V2G operation of the EVs. APD based strategy minimize losses by optimal charging and discharging of the EVs. On the other hand, RPD based strategy minimize losses by optimal charging and reactive power injection from the EVs. Furthermore, cost and benefit analysis of developed EVs scheduling strategies is presented from the planning perspective. Finally, the constructive influence of distribution system reconfiguration (DSR) is evaluated on operation and planning of the system with two different scheduling strategies. Simulations are conducted on a 33-bus distribution system to demonstrate the effectiveness and feasibility of the proposed approach.