Income Under Section 24

TAX COMPLIANCES

Let employees declare interest on housing loans under Section 24 — with configurable limits for self-occupied and let-out properties.

Section 24

👥 WHO USES THIS

▸Employees with home loans

▸Payroll admins validating declarations

▸Finance enforcing Section 24 limits

✨ WHAT YOU'LL ACHIEVE

▸Declare housing loan interest easily

▸Claim Section 24 deductions

▸Reduce TDS with documented proofs

Navigate to Tax and Statutory Compliances → Tax Declaration → Income Under Section 24 → Self-Occupied.
If the employee is repaying a home loan for their self-occupied property,provide the following details.
Click the +Add Declaration button.
Projected Principal amount and Interest amount of the loan for that financial year.
Lender’s Name and PAN and Click Declare.

Fig: Add-Self-occupied Property

Navigate to Tax and Statutory Compliances → Tax Declaration → Income Under Section 24 → Rented.
If the employee is a landlord, provide the following details about their let out property.
Click the +Add Declaration button.
Update the Annual Rent Amount and Municipal Taxes Paid and click the Declare button.
The Net Annual Value, Standard Deduction and Net Income / Loss will be calculated based on the above inputs.

Fig: Let Out Property

Income Under Section 24: A Guide for Tax Declarations