Things you need to know before taking an EV Loan

Interest due on a loan received from any financial institution for the purpose of purchasing an electric vehicle shall be deducted, in accordance with and subject to the provisions of the 80EEB section, after assessing the gross income of an assessee, being an individual.
For the assessment year commencing on April 1, 2020, and future assessment years, the deduction under sub-section (1) shall not exceed one lakh and fifty thousand rupees and shall be allowed in determining the individual’s total income.
The deduction under sub-section (1) is subject to the condition that the loan is sanctioned by the financial institution between April 1, 2019, and March 31, 2023.
If a deduction is granted under this section for any interest referred to in sub-section (1), no deduction will be allowed under any other provision of this Act for the same or any subsequent assessment year.
For the purposes of this section, it is understood that—

An “electric vehicle” is propelled solely by an electric motor, with traction energy supplied solely by a traction battery mounted in the vehicle, and features an electric regenerative braking system that converts vehicle kinetic energy into electrical energy while braking.
“Financial institution” means a banking company subject to the Banking Regulation Act, 1949 (10 of 1949), or any bank or banking institution referred to in section 51 of that Act, as well as any deposit-taking non-banking financial company or a systemically important non-deposit-taking non-banking financial company as defined in clauses (e) and (g) of Explanation 4 to section 43B.
Individual taxpayers should receive the interest paid certificate and have the relevant documentation on hand when filing the return, such as the tax invoice and loan paperwork.
Individuals are the only ones who can take advantage of this deduction. No other taxpayer is eligible for this deduction. As a result, you cannot claim any advantage under this provision if you are a HUF, AOP, Partnership firm, company, or any other type of taxpayer.