Deduction under 80EEB

For the financial year 2023-24, individuals can claim an income tax deduction of up to Rs. 1,50,000 on the interest paid for an electric vehicle loan under Section 80EEB. Additionally, EVs benefit from a reduced GST rate of 5% and may be exempt from road tax and registration fees in certain states. The availability of this deduction for FY 24-25 will be confirmed after the full budget presentation.