Section 80EEB of the Income Tax offers taxpayers to claim tax savings of up to Rs. 1.5 lakh on interest paid on a loan availed to purchase an electric vehicle. This deduction is available only to individuals.
Electric vehicles (EV) are vehicles that use electric motors as a source of propulsion have a battery instead of gasoline tank. It is powered by an electric motor.
Few things to keep in mind while claiming the deduction
- The loan must be availed from a financial institution or a non-banking financial company
- Sanctioned date must be anytime during the period starting from 1 April 2019 till 31 March 2023.
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article