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of <h1>Get Tax Deductions on Electric Vehicle Loan Interest: Section 80EEB Offers Up to 1.5 Lakh Deduction.</h1> Section 80EEB of the Income Tax Act provides a deduction for individuals on interest payable for loans taken to purchase electric vehicles. The deduction is capped at 1,50,000 and applies to loans sanctioned between April 1, 2019, and March 31, 2023. This deduction is available from the assessment year starting April 1, 2020, and onwards. It is important to note that if a deduction is claimed under this section for any interest, it cannot be claimed under any other section for the same interest.
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