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Deduction in respect of purchase of electric vehicle

..... l be deducted, in accordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial institution for the purpose of purchase of an electric vehicle. (2) The deduction under sub-section (1) shall not exceed one lakh and fifty thousand rupees and shall be allowed in computing the total income of the individual for the assessment year beginning on .....

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..... ystem, which during braking provides for the conversion of vehicle kinetic energy into electrical energy; (b) financial institution means a banking company to which the Banking Regulation Act, 1949 (10 of 1949.) applies, or any bank or banking institution referred to in section 51 of that Act and includes any deposit taking non-banking financial company or a systemically important non-deposit taki .....

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