Section 80EEB deduction for interest on Loan for Purchase of Electric Vehicle

Section 80EEB deduction for interest on Loan for Purchase of Electric Vehicle- Section 80EEB as introduced by Finance Act, 2019.

Q 1. Who is eligible to get benefit under Section 80EEB?

Ans: An Individual who has taken a Loan for purchase of an Electrical Vehicle from any Financial Institution.

Q 2. What is the benefit accruing to the Eligible Assesse under Section 80EEB?

Ans: Interest payable on such loan would qualify for deduction under this section.

Q 3. For what Period the benefit can be enjoyed?

Ans: The benefit of deduction under this section would be available from A.Y.2020-21 and subsequent assessment years till the repayment of loan continues.

Q 4. What is the Amount of deduction an Eligible Assesse can get under Section 80EEB?

Ans: Interest Payable, subject to a maximum of Rs.150000/-.

Q 5. No double benefit: –

Ans: Interest allowed as deduction u/s 80EEB will not be allowed as deduction under any other provision of the Act for the same or any other assessment

Q 6. Conditions to be fulfilled for Section 80EEB:

Note:

• Only Interest Expense is to be allowed as Deduction.