New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Which section of the Income Tax Act, 1961, allows a

    deduction of interest paid on loan taken for purchase of an electric vehicle?
    A Section 80EEB Correct Answer Incorrect Answer
    B Section 80DD Correct Answer Incorrect Answer
    C Section 80E Correct Answer Incorrect Answer
    D Section 80EEA Correct Answer Incorrect Answer

    Solution

    Section 80EEB allows a deduction of up to Rs. 1.5 lakh on the interest paid on loan taken by an individual for the purchase of an electric vehicle. The deduction  is available for the assessment year beginning on the 1st day of April, 2020 and subsequent assessment years.

    Practice Next