Section 80EEB of Income Tax Act
Under Section 80EEB to allows you to claim tax savings of up to Rs 1,50,000 on interest paid on a loan made specifically to purchase an electric vehicle.
The deduction under this section is available only to individuals.
It is applicable only an Old Regime.
The loan must be taken from a financial institution or a non-banking financial company for buying an electric vehicle.
The loan should be sanctioned during the period 1 January 2019 and 31 March 2023.