If you are the owner of a house property and if you want to claim the benefit under Section 24 or Section 80EE or Section 80EEA you will have to declare the details of the house property in EazeHR.

Please refer to the article on "Tax Benefit on Home Loan" for details of the laws and prerequisites for you to claim the benefit.

Please follow the steps outlined below to declare your house property. While declaring the house property you will have to upload the Provisional loan certificate if you are declaring a home loan. Towards the end of financial year you might be asked to also upload the Final loan certificate.

If the property is jointly owned then you need to take care of the following points -
1. Declare a loan only if you are a co-borrower on the loan documents
2. While declaring the loan details please enter the interest and pre-construction interest associated with your portion of the loan, you need to be co-borrower of the loan and should be paying EMI of your portion of the loan
3. While declaring the gross annual value (rental income) and municipal / property taxes mention only your portion of the income / expenses

If you are declaring multiple properties you will be able to see the summary of the aggregate of these properties on Other Income table. Refer article for more details.

Steps to be followed

1. Using the quick access link given above go to Other Income tab. Here you will see the option to declare other income and in the bottom you will see the option to declare the house property details.

2. Click on the "Add House Details" button and follow the process outlined below depending upon if you have Self Occupied or Rented property.

A. Self Occupied Property

1. House Details
Fill up the details in the first screen as shown below.

Date of possession can only be in past and should be the date on which you got house registered. Click on Next.

2. Second Section
On filling up the first section the second section will open.

3. Loan Details
If you have an active home loan then click on "Add Loan" you can add up to a maximum of two loans for one property. You will see a popup where you can update the loan details

If you are declaring the house property in the beginning of the year then you will need to use the Provisional Loan certificate to update these details, if you have the Final certificate for the financial year then use that.

If you want to claim any pre-construction interest please update the amount.

Note : Only loans taken for purchase or construction of a house are to be updated here, loans for repairs or reconstruction of house are not to be updated.

4. Additional Details
If you have carry forward loss then you can update the same.

In case of a self occupied property you will need to input only Carry Forward Loss if you have this from prior years. Click on "Calculate Income" button to calculate the total income / loss from house property.

5. Rebate under Section 80EE
If your loan has been sanctioned in 2016-17 then you are eligible for an additional rebate of Rs 50,000. Additional conditions which need to be fulfilled are -
1. total amount of loan should be less than 35 lakhs
2. value of your house should be less than Rs 50 lakhs
3. this should be your first house property

To declare details of 80EE click on the Edit button which will be visible to you if your loan is eligible for 80EE rebate based on the details declared in the loan.

Fill up the details required in the popup. Based on these additional inputs your eligibility for rebate under this section would be visible on the page.

6. Rebate under Section 80EEA
Additional rebate of Rs 1.50 lakhs can be taken if your loan meets the following criteria
1. you should have taken the loan in between 1-Apr-2019 and 31-Mar-2022
2. value of your house should be less than Rs 45 lakhs
3.  if your house is in Bengaluru, Chennai, Delhi National Capital Region (however, it is limited to Metro cities like Delhi, Noida, Greater Noida, Gurgaon, Ghaziabad, Faridabad), Hyderabad, Kolkata, Mumbai (the whole of Mumbai Metropolitan Region) then the carpet area should not exceed 60 sq mt. If the house is in any other city or town the carpet area should not exceed 90 sq mt.
4. you should not have claimed rebate under section 80EE for this property

You would get an option to declare further details of the property if your loan is meeting the criteria. Click on Edit as shown below.

In the popup enter further details of your house property for 80EEA check.

Select Metro or Non Metro based on the city classification explained above.

7. Uploading loan certificate

You should upload the provisional or final loan certificate in a PDF format and if there is any password to open it then mention it in remarks.

Click on Submit to submit the declaration.

B. House Property on Rent

To declare details of the house property on rent follow the steps laid out above except for the following points -
1. While declaring the House Details you should select "Rented" as the option as shown below

Declare the following
- Rental income : provide the Gross Annual Value of the property, for let out properties this should include the rent received and rent receivable till the end of year, refer to the attached document on House Property which explains the method of calculating Gross Annual value
- Municipal / Property Taxes paid : deduction is allowed on expenses incurred on property tax

Remaining details are same as explained above.

C. Vacant House Property

A vacant house can be declared as a self occupied house as long as it is not exceeding the limit of two self occupied house else it will have to be declared as a house on rent with market value of rent.

Status of House Property Records

The record will be shown with one of the following status depending upon the stage of process / approval.

The details declared under house property in a financial year are carried forward and saved as draft to the next financial year. You can modify the relevant fields and submit the form based on the provisional certificate you receive from the lender.

D. Declaring Multiple Properties

If you declare more than one property then the calculation is done on all the properties in line with the current laws. You would be able to see the rebate you are getting under section 24(b), 80EE and 80EEA in each declaration but that is not directly relevant. The only relevant figure is the aggregate income / loss on house property which is added / reduced from your taxable income.