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I'm filing my Income Tax Return for AY 2026–27 and have a question about Section 80EEB of the Income Tax Act. I purchased an electric car a couple of years ago with a loan from a scheduled bank. While reviewing my tax documents, I came across information about a deduction for the interest paid on an electric vehicle loan, but I'm not sure if I'm still eligible to claim it.
My loan was sanctioned before the end of March 2023, and I've been paying both the principal and interest regularly. I understand that only the interest portion may qualify, but I'm confused about the maximum deduction and whether it's available under both the old and new tax regimes.
Has anyone here claimed the Section 80EEB deduction while filing their ITR? What details did you need to provide in the return? Did your lender issue a separate interest certificate, or was the regular loan statement sufficient?
Also, if someone has switched to the new tax regime, were they still able to claim this deduction? I've seen different explanations online, so I'd appreciate hearing from people who have actually filed using this section.
I know tax rules can change from year to year, so I'm mainly looking for recent experiences before I finalize my return.
My experience was a little different because I had opted for the new tax regime while filing my return. I initially expected to claim the EV loan interest under Section 80EEB, but my tax software didn't allow it.
After speaking with my tax consultant, I learned that this deduction generally isn't available if you're filing under the new tax regime. I eventually filed without claiming it.
If you're unsure which regime is more beneficial, it may be worth comparing both before submitting your return. Individual tax situations differ depending on salary, deductions, and other income.
I claimed the Section 80EEB deduction last year under the old tax regime. My loan was sanctioned in 2022, so it met the eligibility period.
When filing my ITR, I entered the lender's name, loan account number, sanction date, vehicle registration number, and the interest paid during the financial year. I also kept the interest certificate from the bank in case it was required later.
Only the interest qualified for the deduction, not the principal repayment. In my case, the bank's annual interest certificate made it easy to calculate the claim.
If your loan was sanctioned before 31 March 2023, it's worth checking whether you satisfy the remaining conditions. The Income Tax portal also asks for loan-related details while claiming this deduction.
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I financed an electric scooter instead of a car, and my loan was also sanctioned before the deadline. The deduction process was straightforward because my lender provided a separate interest certificate at the end of the financial year.
One thing I'd recommend is verifying the loan sanction date carefully. A friend of mine assumed he was eligible, but his loan had been sanctioned after the specified period, so he couldn't claim the deduction.
Tax provisions and filing requirements can change, so I always cross-check the latest instructions on the Income Tax Department website before filing.