Deduction in respect of purchase of electric vehicle - Section 80EEB - Income Tax - Ready Reckoner - Income Tax

Deduction in respect of purchase of electric vehicle - Section 80EEB Available to: Individual in computing total income Purpose: Interest payable on loan taken from any financial institution for the purpose of purchase of an electric vehicle. Quantum of deduction: Deduction shall not exceed ₹1,50,000 Period: From the AY beginning from 1 st April 2020 and subsequent assessment years. Conditions: The loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2019 and ending on the 31st day of March, 2023. Note : Where a deduction is allowed under this section for any interest, deduction shall not be allowed in respect of such interest in any other section.