ITR filing for rental income: E-filing portal asks these details on income from house property

Similarly, for taxation of rental income under the head "Income from House Property", you are required to provide additional details on the e-filing portal. This is especially relevant for those receiving rental income.

"We have pre-filled this value from Form-16/ AIS (Annual Information Statement) wherever applicable. You are required to provide the breakup in order to consider this amount," the e-filing portal says under the head "Income from House Property". You are also required to provide or verify multiple details regarding the interest on borrowed capital under Section 24 (b).

Details required for tax on income from house property

The e-filing portal asks following details, based on which the final tax liability under this head of income is fixed.

• Type of house property
• A: Gross rent received/receivable/lettable value during the year
• B: Tax paid to local authorities (b)
• C: Annual value (A-B)
• D: 30% of Annual value (30%*C)
• E: Interest payable on borrowed capital (Fill details in 'Section 24(b) table)
• F: Arrears/unrealised rent received during the year less 30%

Source: e-filing portal

If all the above values are provided, then the e-filing portal will automatically calculate the income chargeable to tax under the head 'House Property' as follows:

Please note that the maximum housing loan interest that can be adjusted is ₹2,00,000 for a self-occupied property under the old tax regime. There is no such limit under the new tax regime, but this adjustment is allowed only in the case of a let-out property.

Under section 24 (b), interest on borrowed capital, you have to provide/verify the following details

1. Home taken from
2. Name of lender
3. Loan account number
4. Date of loan sanction
5. Total amount of loan
6. Loan outstanding as on the last date of the financial year (March 31, 25)
7. Interest paid on the borrowed capital under Section 24 (b).

Taxpayers, including salaried taxpayers, can now file ITR-1 and ITR-4 forms online for FY 2024-25 (AY 2025-26) on the e-filing portal of the Income Tax department.