Section 24 of the Income Tax Act also referred to as Deductions from income from house property considers the amount of interest a person pays money for home loans.
To declare the share of a jointly owned property in Section 24, the employee must perform the following actions:
- From the greytHR ESS login, navigate to Salary > Proof Of Investment. The Proof Of Investment page opens.
- Under POI Components, left-click Income/loss from House Property. The form opens.
- Under Income from Self-Occupied Property, select Property Jointly Owned.
- Under Employee Share in % text box, enter the share you own in the property. The application automatically calculates the Employee Contribution and Co-owner Contribution. In the Co-owner Name text box, enter the name of the property's co-owner.
- Click Save to save the details.
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