Section 80EEB - Tax Exemption on Purchase of Electric Vehicle | CA Devicharan - LearnCab

In order to promote the usage of electric vehicles in India, the Union Budget of 2019 proposed to incorporate a brand new section called Section 80EEB in the Income Tax Act of 1961. With the inclusion of this Section, the Government of India has offered direct tax benefits to many individual taxpayers, which is a significant boost for electric vehicles.
Section 80EEB of the Income Tax Act was introduced with the Finance Bill of 2019 with the aim to improve environmental conditions and to reduce vehicular pollution throughout the country considerably. This new section offers a deduction of up to INR 1.5 Lakhs with respect to the interest on the loan taken by an individual for the purchase of an electric vehicle. Under certain conditions, this Section will be applicable for loans taken from any financial institution.

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