Add House Loan and House Property Info

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

As a Payroll User, you can enter 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 and 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

Navigation: Payroll Calculation > Manage Person > Manage Calculation Card > Income Tax Deductions > Complete Investment Declaration > House Property and House Loan

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

   Field	Description
   House Property Information	Select the property type Self Occupied or Let Out.
   Address	Enter the address of the property
   Stamp Duty/ Registration Charges Paid Date	Select the date when the stamp duty or registration charges was paid, from the calendar dialog box.
   Stamp Duty and Registration Charges Paid	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.
   First Property	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.
   Date of Possession	Select the date of possession of the property from the calendar dialog box.

2. Save the details of the house property.

Declare Rent and Taxes

Navigation: Payroll Calculation > Manage Person > Manage Calculation Card > Income Tax Deductions > Complete Investment Declaration > House Property and House Loan

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

   Field	Description
   Annual Rent Received	Enter the sum of rental income received for current financial year.
   Municipal Tax Paid	Enter the municipal taxes paid for the current financial year.
   Amount of Loss carried forward from previous years	Enter the amount of loss which is carried forward from the previous financial year.

2. Submit the details of the taxes and house rent collected from the let out property.

House Loan Information

Navigation: Payroll Calculation > Manage Person > Manage Calculation Card > Income Tax Deductions > Complete Investment Declaration > House Property and House Loan

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

   Field	Description
   Lender's Name	Enter the name of the bank providing the house loan.
   Lender's PAN	Enter the PAN of the banker (lender), which means the bankers PAN.
   Lender's Address	Enter the address of the bank lending the house loan.
   Purpose of Loan	Select one of the values from the list: Purchase New construction Reconstruction or repairs
   Loan Sanction Date	Select the loan sanctioned date from the calendar dialog box.
   Loan Sanction Amount	Enter the loan sanctioned amount.
   Value of Property	This is required for self occupied property.
   Interest Amount	Enter the amount of interest paid in the current financial year.
   Principal Amount	Enter the principal amount paid in the current financial year.
   Pre-EMI Interest Amount Paid	Enter the pre EMI interest amount paid in previous financial years.
   Joint loan	Select this checkbox if the loan is a joint loan.
   Percentage of Claim	Enter the percentage of loan claimed if this is a joint loan. This field is disabled otherwise.

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