Deduction for electric vehicle loan interest allowed subject to sanction period and exclusive claim prohibition. An individual may deduct interest on a loan from a financial institution taken for purchase of an electric vehicle, subject to the loan being sanctioned ... Summary
Deduction for electric vehicle loan interest allowed subject to sanction period and exclusive claim prohibition.
An individual may deduct interest on a loan from a financial institution taken for purchase of an electric vehicle, subject to the loan being sanctioned within the prescribed sanction window, with the deduction capped at a statutory maximum and applied in computing total income for the tax year beginning 1 April 2019 and subsequent years; such interest, once deducted under this section, cannot be deducted under any other provision for the same or any other tax year.
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