Managing house property details
1. Declaring on behalf of employees
2. Approving declarations submitted by employees
3. Editing an approved record to make corrections
4. Voiding an approved record
5. Releasing the year end process to receive the final home loan certificates - refer article
1. Declaring house property on behalf of employees
Menu path : Payroll > Employee Details > Declarations > House Property tab
Click on the "Add House Details" button as shown below
To read more about how to declare House Property refer to the article "House Property Declaration"
If there are more than one house properties declared by the employee the total benefit which accrues to him will depend upon various parameters, all the rules / laws which govern these rebates are explained in the article - "Tax benefit on home loan".
2. Approving declarations
You
would get an email / dashboard alert and also will see a notification when an
employee submits a house property declaration.
Click on the task and you will be navigated to the pending approvals page.
Click on "Review" to open the house property declaration page from where you can review the details, download the supporting documents and modify / approve or reject. If you want to reject the form you will have to provide the remarks. Employee will get a notification on approval/rejection.
3. Editing an approved house property record
Once
a house property record has been approved you cannot make changes to the following
fields
a) Nature of property
b) Date of possession
However you can edit an make other changes
a) Edit or Deactivate loan details
b) Add a new loan
c) Modify the Rent / Municipal Tax / Carry forward loss details
Every time you make a change to the record and use the "Submit and Approve" button to save the record employee will get a notification.
4. Voiding a house property record
You
can void an approved record as shown below. A remark will have to be given for
voiding the record.
If multiple properties have been declared then on voiding one record the taxable
income / loss calculation of the other properties might also change.
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