Section 80EEB of the Income Tax Act provides deduction

Q: Answer-Section 80EEB of the Income Tax Act provides deduction on:

Section 80EEB provides a deduction of up to 1,50,000 on interest paid on loans taken for the purchase of electric vehicles. It is applicable only to individual taxpayers and allowed only if the loan is sanctioned between 1st April 2019 to 31st March 2023.

on:

A Interest on home loan for first-time buyers Correct Answer Incorrect Answer

B Interest on loan for electric vehicles Correct Answer Incorrect Answer

C Interest on education loan Correct Answer Incorrect Answer

D Loan repayment for electric home appliances Correct Answer Incorrect Answer

Solution

Section 80EEB provides a deduction of up to ₹1,50,000 on interest paid on loans taken for the purchase of electric vehicles. It is applicable only to individual taxpayers and allowed only if the loan is sanctioned between 1st April 2019 to 31st March 2023.

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