HOUSE PROPERTY DECLARATION FOR THE FIN YEAR 2011-12

Employee Code
Employee Name
Names ( in case of Co-owner/Joint ownership )
Tax benefit and Claim amount Self/Joint

Particulars of Loan availed

Date of Loan availed Amount Rs. Date of acquisition / completion of
construction

Property Address

1 Self occupied or let out property

Annual lettable value / Annual rent received or receivable (whichever - -
is higher)
2
3 Less : Municipal Taxes paid (Only in case of let out property) -
4 Annual Value ( 2-3) -
5 Less deduction under section 24:
a) Repair and collection charges to the extent of 30% of the annual -
value (only in case of let out property)
b) Interest on capital borrowed : -
c)   Interest for the period prior to construction or acquisition -
(allowable only in case of let out property over a period of five
years).
6 Total Deduction (5a+5b+5c) -
7 Income chargeable under the head Income from House Property: (4-6)
Note :
1.     No deduction under section 24 is allowed in respect of a self-occupied property or a property which could not be occupied
because of employment, business or profession at another place or where the annual value is taken a nil. However, in respect of
those properties, deduction for interest on borrowed capital upto Rs.30,000 is allowable. However where the property is
acquired or constructed with a capital borrowed on or after the 1st April, 1999 and such acquisition or construction is completed
within three years from the end of the financial year in which capital was borrowed, the deduction allowable in respect of
interest on capital borrowed in case of self occupied property will be Rs.150,000.00.
2.     Higher deduction (of Rs.1,50,000/-) is not allowable in respect of interest on capital borrowed for the purpose of
repairs or renovation of an existing residential house.
3.     Please give separate computation in respect of each property.

4. Please provide necessary proofs in respect of interest and principal payments.

Declaration
I _________________________________________, hereby declare that, I am the owner of the house property described
above and the particulars given above are true and correct to the best of my personal knowledge.Its registered in
myname/spouse/parents/children. Income tax benefit is being claimed by Self/Both .

Also, I hereby declare that I am not claiming higher deduction of Rs, 1,50,000/- in respect of interest on capital borrowed for the
purpose of repairs or renovation of an existing residential house.

Place:
Date : SIGNATURE OF THE EMPLOYEE