Add House Property Income
House property refers to any building or land attached to a building that you own. It can be:
- A residential home
- A commercial space like an office or shop
- Any other constructed structure
For tax purposes, properties are categorized into:
-
Self-Occupied Property (SOP):
A property you or your family lives in. It’s not rented out.
-
Let-Out Property (LOP):
A property that is rented to someone else and earns rental income.
How to Add a Self-Occupied Property
If you live in the property, here's how to add it:
-
Go to Save > House Property > Add House Property
-
Select Self-Occupied Property and click Proceed
-
Enter the following details:
- Property description
- Interest paid on a home loan (if applicable)
-
Click Save
Important Note: You can declare up to 2 properties as self-occupied. Any additional properties will be treated as deemed let-out for tax purposes.
How to Add a Let-Out Property
If you rent out your property, follow these steps:
- Navigate to Save > House Property > Add House Property
- Choose Let-Out Property and click Proceed
- Fill in the required information:
- Property description
- Rent received
- Property tax paid
- Interest paid on a loan (if any)
- Click Save
Once saved, you’ll be able to see the summary of your property details under House Property.
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