Electric vehicle loan interest deduction applies only to individuals, with capped benefit and no double deduction. Deduction for interest on a loan taken to purchase an electric vehicle is available only to an individual and only for the interest component of the loan. The loan must be obtained from a financial institution, specifically sanctioned for purchase of an electric vehicle, and sanctioned within the prescribed period. The deduction is capped and no double deduction is allowed for the same interest under any other provision.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Electric vehicle loan interest deduction applies only to individuals, with capped benefit and no double deduction.
Deduction for interest on a loan taken to purchase an electric vehicle is available only to an individual and only for the interest component of the loan. The loan must be obtained from a financial institution, specifically sanctioned for purchase of an electric vehicle, and sanctioned within the prescribed period. The deduction is capped and no double deduction is allowed for the same interest under any other provision.
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