Income / (Loss) from House Property and Other Income

This tab is divided into three sections:-

House Property - Self Occupied
 House Property -Let Out
Income from Other Sources



House Property -Self Occupied                                         See Sample Record >>                 Document to be enclosed

1. Enter "Address" of the property in column 1 (max. 40 characters).
2. Select the "Location Status" as applicable from the drop down in column 2.                      What is Location Status?

3. Select the "Ownership Status" as applicable from the drop down in column 3.                   What is Ownership Status?

4. Enter the "Percentage" as applicable in column 4.                                                                What is Percentage?

5. Enter the "Date of Loan" in column 5 (click on the icon for calendar).
6. Enter the "Date of Completion or Occupation" in column 6 (click on the icon for calendar).

7. Enter the "Principal" amount paid towards the loan during the financial year in column 7.
 - In case of joint ownership, DO NOT reduce the principal. System will calculate based on the percentage entered in column 4. 

8. Enter the "Interest" amount paid towards the loan during the financial year in column 8.
 - In case of joint ownership, DO NOT reduce the interest. System will calculate based on the percentage entered in column 4. 

9. Enter the "Pre-EMI (1/5th)" of the interest amount if applicable in column 9.                  What is Pre-EMI (1/5th)?
10. Please note that Lender Name and PAN is mandatory. This includes all lenders including Banks / NBFC’s / Housing Finance companies.

- - Update Lender details (PAN and Name) in the respective column. Only 1 PAN can be entered in 1 row. For multiple Lenders, use multiple rows

- - Details must be updated in the format:- PAN-Lender Name with only a hyphen (-) between PAN and Name. Example:- ABCPD1234D-Ramesh Kumar

- - Keep the Lender current address handy. This includes all lenders including Banks / NBFC’s / Housing Finance companies. You will also be required to fill the Lender current address on Form 12BB

- - The Lenders’ Name and PAN have to be reported by the company to the Income Tax Department as part of its filing.

- - The Income Tax Department has provisioned for 4 PAN fields per employee. Therefore, House Property Loan benefit cannot be provided for more than 4 lenders in a tax year including Self-Occupied and Let Out.

11.  Click on the "Calculate" button at the bottom of the table.
 - The system will prompt for any missing / incorrect information.
 - You will see the total interest appearing at the bottom of the table.  See Sample Record >>

12. Click on the "Save as Draft" button at the bottom of the screen.
 - The system will prompt for any missing / incorrect information on Save.
 - You will see the details appearing in the View and Confirm tab.

NOTE: The system automatically considers the Principal Amount for Section 80C Deduction once you click on Save. You will not be required to enter this information again under Chapter VIA tab.

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House Property -Let Out                                                   See Sample Record >>                          Document to be enclosed

1. Enter "Address" of the property in column 1 (max. 40 characters).
2. Select the "Ownership Status" as applicable from the drop down in column 2.                   What is Ownership Status?

3. Enter the "Percentage" as applicable in column 3.                                                                What is Percentage?

4. Enter the "Date of Loan" in column 4. (click on the icon for calendar).
5. Enter the "Date of Completion or Occupation" in column 5. (click on the icon for calendar).

6. Enter the "Date of Let Out" in column 6. (click on the icon for calendar).

7. Enter the "Annual Rental Income" received during the financial year in column 7.
 - In case of joint ownership, DO NOT reduce the Rental Income. System will calculate based on the percentage entered in column 3.

8. Enter the "Municipal Tax" amount paid during the financial year in column 8.
 - In case of joint ownership, DO NOT reduce the Municipal Tax. System will calculate based on the percentage entered in column 3.

9. Enter the "Principal" amount paid towards the loan during the financial year in column 9.
 - In case of joint ownership, DO NOT reduce the Principal. System will calculate based on the percentage entered in column 3. 

10. Enter the "Interest" amount paid towards the loan during the financial year in column 10.
 - In case of joint ownership, DO NOT reduce the Interest. System will calculate based on the percentage entered in column 3. 

11. Enter the "Pre-EMI (1/5th)" of the interest amount if applicable in column 11.                What is Pre-EMI (1/5th)?
12. Please note that Lender Name and PAN is mandatory. This includes all lenders including Banks / NBFC’s / Housing Finance companies.

- - Update Lender details (PAN and Name) in the respective column. Only 1 PAN can be entered in 1 row. For multiple Lenders, use multiple rows

- - Details must be updated in the format:- PAN-Lender Name with only a hyphen (-) between PAN and Name. Example:- ABCPD1234D-Ramesh Kumar

- - Keep the Lender current address handy. This includes all lenders including Banks / NBFC’s / Housing Finance companies. You will also be required to fill the Lender current address on Form 12BB

- - The Lenders’ Name and PAN have to be reported by the company to the Income Tax Department as part of its filing.

- - The Income Tax Department has provisioned for 4 PAN fields per employee. Therefore, House Property Loan benefit cannot be provided for more than 4 lenders in a tax year including Self-Occupied and Let Out.

13.  Click on the "Calculate" button at the bottom of the table.                                         See Calculation>>
 - The system will prompt for any missing / incorrect information.
 - You will see the total income / loss appearing at the bottom of the table.  See Sample Record >>

NOTE: A negative total will indicate Loss and a positive total will indicate Income in the case of Let Out property.

14. Click on the "Save as Draft" button at the bottom of the screen.
 - The system will prompt for any missing / incorrect information on Save.
 - You will see the details appearing in the View and Confirm tab.

NOTE: The system automatically considers the Principal Amount for Section 80C Deduction once you click on Save. You will not be required to enter this information again under Chapter VIA tab.
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Income from Other Sources                                See Sample Record >>
 

1. Enter the "Income Amount" in column 2 against the applicable Source of Income.

2. Enter the "Employee Remarks" if required in column 3. (you can mention source of income)
 - Leave the Authorized Amount and Processor Remarks BLANK. You will be able to view them once the proofs are authorized.

3. Click on the "Save as Draft" button at the bottom of the screen.
 - The system will prompt for any missing / incorrect information on Save.
 - You will see the details appearing in the View and Confirm tab.
 - It is recommended that you "Save as Draft" your record at regular intervals to avoid loss of data.

NOTE: The system automatically considers the Accrued Interest on NSC for Section 80C Deduction once you click on Save. You will not be required to enter this information again under Chapter VIA tab.

Kindly enclose Copy of Certificate purchased during earlier years along with interest computation.   Interest calculator
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