80EEB: Deduction for the Interest payable for purchase of Electrical Vehicle

Mohit Mishra | Last updated: 27 May 2024

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Section 80EEB of the Income Tax Act offers a valuable deduction for individuals purchasing electric vehicles. This deduction applies to the interest paid on loans taken out for electric vehicle purchases from specified financial institutions between April 1, 2019, and March 31, 2023. The deduction is capped at the lower of the actual interest payable or Rs. 1,50,000.

To promote the use of electric vehicles in India, the Indian Government has introduced a new deduction in respect of Interest payable for electric vehicles. Applicability Loan has been taken for the purchase of electrical vehicle. Loan has been availed from bank or non-Banking financi

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About the Author

Mohit Mishra

Student CA IPC / IPCC

A practicing chartered accountant in mumbai having expertise in Income Tax and Audit. Can be reached Email : mishramohit423 @ gmail.com Mobile : +91-9004912291

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