Deduction for Interest on loan taken to buy Electric Vehicles [Section 80EEB]
• Section 80EEB offers deduction for interest paid on loans taken to purchase electric vehicles, promoting a pollution-free environment.
• Any individual (resident or non-resident) who has taken a loan to purchase an electric vehicle.
• A deduction of up to Rs. 1,50,000 for interest paid or payable during the year is allowed.
• Loan must be sanctioned between 01-04-2019 and 31-03-2023.
• The loan must be taken from a banking company, bank, banking institution, NBFC, or a systematically important non-deposit-taking NBFC.