Deduction in respect of purchase of electric vehicle section 80EEB

According to Income Tax Act, 1961 an individual shall be allowed a deduction under section 80EEB on account of interest payable on loan loan taken by him from any financial institution for the purpose of purchase of an electric vehicle if

1.The loan has been sectioned by any financial institution during the period beginning on 1.4.2019 to 31.3.2023

2.Where a deduction under this section is allowed for any interest deduction shall not be allowed for any interest deduction shall not be allowed in respect of such interest under any other provision of Income Tax Act.

 

Quantum of deduction

Maximum amount Rs.1,50,000

From the assessment year beginning on 1.4.2020 and subsequent assessment years