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If you have a housing loan and wish to enter information on your income from house property, you can enter information here. You will be eligible to claim tax rebate on the interest component of your repayment during the year Apr-March by entering information under the "Home Loan" tab.

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As soon as you click on the  Image Removedthe  Image Added icon on top-left in the table, you will see a row with blank fields appearing inside the table, where you can enter details of home loan interest that you have paid or will be paying for the year. Please click on the respective cells to update the required details.


Field

Description

Self-Occupied

Please select the checkbox if the property is self-occupied. Once you select the "Self Occupied" field in any row, the "Rent Received" and "Municipal Taxes Paid" fields will automatically get disabled.

Rent Received

Please enter the rent amount received (in Rs) for the accommodation. The amount can have a maximum of two decimal places.

For any property which is not self-occupied, you have to enter a value (other than zero) in the "Rent Received" field

  • If you have more than one self-occupied property, then as per the tax law, properties other than the one you declare as self-occupied, would be deemed to be rented and you should enter the "annual value" (as per the tax law) of such properties in the "Rent Received" field.
  • For any property which is not self-occupied, you have to enter a value (other than zero) in the "Rent Received" field.
 Municipal Taxes Paid Please enter the municipal taxes rent amount paid (in Rs) for the property. The amount can have a maximum of two decimal places.
Home Loan Interest (on or after April 1, 1999)Please enter the total annual interest here if your home loan was taken on or after April 1, 1999. The amount can have a maximum of two decimal places.
Property Details

There are 3 tabs (Property Details, Loan Details and Lender Details) under this. Please fill in details related to the property address, loan and information on the lender under these tabs.

You can create as many rows as you wish to enter details in the respective fields. If you wish to delete any of the rows, you could do so by clicking on the Image Removedthe Image Added icon at the end of the row.

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The details of the required proof and guidelines are given below for your reference.


Housing Loan

Proof to be submitted

Guidelines

Income / Loss on Home Loan Property  under Section 24 (b)

  • Provisional certificate from the Housing Finance Company / Bank clearly indicating the property address for which the loan has been taken.


  • Self-declaration by the employee in case he is availing both HRA / HSG Interest benefit without property being let out.



  • Current year's interest payable alone is eligible tax rebate.
  • The benefit of deduction is applicable only after occupancy of the house and Pre-EMI interest (EMI paid before occupation of the house) is deductible in 5 equal installments starting from the year when the construction is completed or property is acquired. The relevant proof and the calculations have to be attached.
  • In case of jointly availed property loan, the employee should declare only the amount paid by him/her in the declaration.
  • Even if the own premises is left vacant- the notional rental income has to be declared.