Deduction for electric vehicle loan interest allowed subject to sanctioned-loan period and sole-ownership condition under new tax provision. Section 80EEB permits a deduction for interest on loans taken to purchase an electric vehicle where the loan is sanctioned by a financial institution ... Summary
Deduction for electric vehicle loan interest allowed subject to sanctioned-loan period and sole-ownership condition under new tax provision.
Section 80EEB permits a deduction for interest on loans taken to purchase an electric vehicle where the loan is sanctioned by a financial institution (including NBFCs) within the prescribed sanction period and where the borrower does not own any other electric vehicle at loan sanction; the same interest cannot be claimed under any other provision for the same or any other assessment year and the amendment applies from the stated commencement to the relevant assessment years.
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