Section 80EEB of Income Tax Act "Deduction in respect of purchase of electric vehicle"
80EEB. (1) In computing the total income of an assessee,
being an individual, there shall be deducted, in accordance
with and subject to the provisions of this section, interest
payable on loan taken by him from any financial institution
for the purpose of purchase of an electric vehicle.
(2) The deduction under sub-section (1) shall not exceed one
lakh and fifty thousand rupees and shall be allowed in
computing the total income of the individual for the
assessment year beginning on the 1st day of April, 2020 and
subsequent assessment years.
(3) The deduction under sub-section (1) shall be subject
to the condition that the loan has been sanctioned by the
financial institution during the period beginning on the 1st
day of April, 2019 and ending on the 31st day of March,
2023.
(4) Where a deduction under this section is allowed for any
interest referred to in sub-section (1), deduction shall not
be allowed in respect of such interest under any other
provision of this Act for the same or any other assessment
year.
(5) For the purposes of this section,-
(a) "electric vehicle" means a vehicle which is powered
exclusively by an electric motor whose traction energy is
supplied exclusively by traction battery installed in the
vehicle and has such electric regenerative braking system,
which during braking provides for the conversion of vehicle
kinetic energy into electrical energy;
(b) "financial institution" means a banking company to which
the Banking Regulation Act, 1949 (10 of 1949) applies, or
any bank or banking institution referred to in section 51 of
that Act and includes any deposit taking non-banking
financial company or a systemically important non-deposit
taking non-banking financial company as defined in clauses
(e) and (g) of Explanation 4 to section 43B.
What is Deduction in respect of health insurance premia? Section 80D of Income Tax Act 1961
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Section 80EEA Deduction in respect of interest on loan taken for certain house property
Section 80EEB Deduction in respect of purchase of electric vehicle
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