Yes, under Section 80EEB of the Income Tax Act, individual taxpayers can claim a deduction of up to ₹1.5 lakh per financial year on the interest paid for loans taken to purchase electric vehicles. If the EV is used for business purposes and the interest paid exceeds ₹1.5 lakh, the excess amount can be claimed as a business expense, provided the vehicle is registered in the name of the owner or the business enterprise.