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of <h1>Tax deduction for interest on loans from specified financial institutions for electric vehicle purchase capped at Rs 1.5 lakh</h1> An individual taxpayer may deduct interest paid on a loan from a specified financial institution for purchase of an electric vehicle, subject to a maximum deduction of Rs 1.5 lakh for assessment years beginning 1 April 2020 onward. The loan must have been sanctioned between 1 April 2019 and 31 March 2023. Once claimed under this provision, the same interest cannot be claimed under any other provision for the same or any other assessment year. The section defines qualifying electric vehicles and eligible financial institutions.
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