Deduction for electric vehicle loan interest limited and available where loan sanctioned within specified scheme period. Interest paid on loans taken from a financial institution for purchase of an electric vehicle is deductible by an individual, subject to a cap of one lakh fifty thousand rupees; the deduction is available for assessment years beginning on 1 April 2020 and subsequent years where the loan was sanctioned between 1 April 2019 and 31 March 2023, and such interest cannot be deducted under any other provision for the same or any other assessment year.