Declare the House Loan and House Property Information

Capture the house loan, self occupied, and let out property information for an employee.

As a Payroll User, you can capture the house loan and house property information for an employee. The house property can be a self occupied or a let out property. You can enter multiple property (employee) information, which includes a maximum of 2 self occupied properties as well as the let out property information. This data helps the employee avail the eligible exemptions from income tax.

As an employee you can access the investment declaration page from the employee self service portal.

Note: According to the new tax regime, you can capture only the let out property information. The self occupied property section appears disabled.

Declare House Property Information

Here's how you can declare the details of the house property:

1. As a Payroll User, from the home page navigate to Payroll Calculation > Manage Person > Manage Calculation Card > Income Tax Deductions > Complete Investment Declaration > House Property and House Loan .

2. Add the house property information in the House Property section:

   S No.	Field	Necessity	Description
   1	House Property Information	Mandatory	Select the property type Self Occupied or Let Out.
   2	Address	Mandatory	Enter the address of the property
   3	Stamp Duty/ Registration Charges Paid Date	Optional	Select the date when the stamp duty or registration charges was paid, from the calendar popup.
   4	Stamp Duty and Registration Charges Paid	Optional	Enter the amount, which has been paid for the stamp duty or registration charges. This is applicable only if the stamp duty or registration charges paid date falls in the current financial year.
   5	First Property	Optional	Select this checkbox if this is the first property. This is relevant for self occupied property. If you need to declare multiple property information for the financial year, you can select only one property as the first property.
   6	Date of Possession	Optional	Select the date of posession of the property from the calendar popup.

Declare Rent and Taxes

Here's how you can declare the details of the house rent collected from the let out property.

1. As a payroll user, from the home page navigate to Payroll Calculation > Manage Person > Manage Calculation Card > Income Tax Deductions > Complete Investment Declaration > House Property and House Loan .

2. Add the house rent and taxes information for any let out property.

   S No.	Field	Necessity	Description
   1	Annual Rent Received	Mandatory	Enter the sum of rental income received for current financial year.
   2	Municipal Tax Paid	Optional	Enter the municipal taxes paid for the current financial year.
   3	Amount of Loss carried forward from previous years	Optional	Enter the amount of loss which is carried forward from the previous financial year.

House Loan Information

1. As a Payroll User, from the home page navigate to Payroll Calculation > Manage Person > Manage Calculation Card > Income Tax Deductions > Complete Investment Declaration > House Property and House Loan .

2. Add the house loan information for the house property owned by the employee.

S No.	Field	Necessity	Description
1	Lender's Name	Mandatory	Enter the name of the bank providing the house loan.
2	Lender's PAN	Mandatoty	Enter the PAN of the banker (lender), which means the bankers PAN.
3	Lender's Address	Mandatory	Enter the address of the bank lending the house loan.
4	Purpose of Loan	Optional	Select one of the values from the list: Purchase New construction Reconstruction or repairs
5	Loan Sanction Date	Mandatory	Select the loan sanctioned date from the calendar dialog box.
6	Loan Sanction Amount	Mandatory	Enter the loan sanctioned amount.
7	Value of Property	Optional	This is mandatory for self occupied property.
8	Interest Amount	Mandatory	Enter the amount of interest paid in the current financial year.
9	Principal Amount	Mandatory	Enter the principal amount paid in the current financial year.
10	Pre-EMI Interest Amount Paid	Optional	Enter the pre EMI interest amount paid in previous financial years.
11	Joint loan	Optional	Select this check box if the loan is a joint loan.
12	Percentage of Claim	Optional	Enter the percentage of loan claimed if this is a joint loan. This field is disabled otherwise.