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 for home loans.
Declaring the share of a jointly owned property in Section 24 is essential for maximizing individual tax benefits.
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.
Click here to subscribe to our help videos
Related Links:
Video - To watch the POI submission video, click here.
FAQs - To read more FAQs about the POI, click here.
Documentation - To read more about POI submission, click here.
Product Update - To read about the product update, click here.
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article