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of <h1>New Tax Deductions: Section 80EEA for Home Loans and Section 80EEB for Electric Vehicles from April 2020</h1> Sections 80EEA and 80EEB are introduced in the Income-tax Act, effective from April 1, 2020. Section 80EEA allows individuals a deduction of up to INR 1,50,000 on interest for loans taken from financial institutions for acquiring residential house property, with conditions on loan sanction dates and property value. Section 80EEB provides a similar deduction for loans on electric vehicle purchases, with specific conditions on loan sanction periods. Both sections prohibit claiming the same interest deduction under other provisions and define relevant terms like 'financial institution' and 'stamp duty value.' These apply from the assessment year 2020-2021 onward.
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