Schedule 80EE – Interest on Loan Taken for Residential House Property AY 2026-27
‘Schedule 80EE’ in the Income Tax Return is used to claim the deduction under section 80EE for interest paid on home loans availed for the purchase of a residential house property. The assessee is required to furnish key information such as the name of the lender (bank, institution, or person), loan account number, date of sanction, total sanctioned amount, outstanding balance at the end of the financial year, and the total interest amount eligible for deduction under Section 80EE.
- Section 80EEof Income-tax Act, 1961
The deduction under Section 80EE is allowed in respect of interest payable on loan sanctioned in the financial year 2016-17 for acquisition of a residential property. The amount of deduction under this section is limited to Rs. 50,000 in a financial year.