Tax Benefit against Electric Vehicle [u/s 80EEB]

• Under Section 80EEB, Govt. has allowed the Tax Benefit for INDIVIDUALS only.

• If an Individual has taken any loan to purchase EV, then such Individual shall be allowed a deduction for Interest Amount on such loan.

• The Maximum deduction shall be restricted to Rs. 1,50,000/-.

• However, to claim this deduction, the Loan must be taken between 01st April 2019 to 31st March 2023.

• Loan can be taken from any Bank or Financial Institution (including NBFC; Like Muthoot Finance).