Computation of Income under the head | Income from house property - TDS from Salaries – IT Circular 1/2019

Computation of Income under the head ― Income from house property - TDS from Salaries – IT Circular 1/2019

Information regarding Income under any other head
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(i) Section 192(2B) enables a taxpayer to furnish particulars of income under any head other than "Salaries" ( not being a loss under any such head other than the loss under the head Income from house property‖) received by the taxpayer for the same financial year and of any tax deducted at source thereon. The particulars may now be furnished in a simple statement, which is properlysigned and verified by the taxpayer in the manner as prescribed under Rule 26B(2) of the Rules and shall be annexed to the simple statement. The form of verification is reproduced as under:
I, ...................... (name of the assessee), do declare that what is stated above is true to the best of my information and belief.
It is reiterated that the DDO can take into account any loss only under the head "Income from house property". Loss under any other head cannot be considered by the DDO for calculating the amount of tax to be deducted.
It may be noted that loss under the head “Income from house property” can be set off only up to Rs. 2.00 lakh with the income under any other head of income in view of the amendment to section 71 of the Act vide Finance Act, 2017. Hence, loss under the head “Income from house property” in excess of Rs. 2.00 lakh is to be ignored for calculating the amount of tax deduction.

3. 6 Computation of income under the head “ Income from house property":
 
While taking into account the loss from House Property, the DDO shall ensure that the employee files  the declaration referred to above and encloses therewith a computation of such loss from house property. Following details shall be obtained and kept by the employer in respect of loss claimed under the head ― Income from house property separately for each house property:
  • Gross annual rent/value
  • Municipal Taxes paid, if any
  • Deduction claimed for interest paid, if any
  • Other deductions claimed
  • Address of the property
The DDO shall also ensure furnishing of the evidence or particulars in Form No. 12BB in respect of deduction of interest as specified in Rule 26C read with section 192 (2D).
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3.6.1 Conditions for Claim of Deduction of Interest on Borrowed Capital for Computation of Income From House Property [Section 24(b)]:

Section 24(b) of the Act allows deduction from income from houses property on interest on borrowed capital as under:-
  • (i) the deduction is allowed only in case of house property which is owned and is in the occupation of the employee for his own residence. However, if it is actually not occupied by the employee in view of his place of the employment being at other place, his residence in that other place should not be in 
  • a building belonging to him.
  • (ii) the quantum of deduction allowed as per table below:
Sl N.Purpose of borrowing capitalDate of borrowing capitalMaximum Deduction allowable
1.Repair or renewal or reconstruction of the houseAny timeRs. 30,000/-
2.Acquisition or construction of the houseBefore 01.04.1999Rs. 30,000\-
3.Acquisition or construction of the houseOn or after 01.04.1999Rs. 1,50,000/- (upto AY 2014-15) Rs. 2,00,000/- (w. e. f. AY 2015-16)

In case of Serial No. 3 above 

(a) The acquisition or construction of the house should be completed within 5 years from the end of the FY in which the capital was borrowed. Hence, it is necessary for the DDO to have the completion  certificate of the house property against which deduction is claimed either from the builder or through self-declaration from the employee.

(b) Further any prior period interest for the FYs upto the FY in which the property was acquired or constructed (as reduced by any part of interest allowed as deduction under any other section of the Act) shall be deducted in equal installments for the FY in question and subsequent four FYs.

(c) The employee has to furnish before the DDO a certificate from the person to whom any interest is payable on the borrowed capital specifying the amount of interest payable. In case a new loan is taken to repay the earlier loan, then the certificate should also show the details of Principal and Interest of the loan so repaid.

As discussed in para 4.6.5 section 192(2D) read with rule 26C makes it mandatory for the DDO to obtain following details/evidences in respect of Interest deductible. 
  • (i) Interest payable or paid
  • (ii)Name of the lender
  • (iii) Address of the lender
  • (iv) PAN of the lender

COMMENTS

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Param News: Central Government Employee News|Latest DOPT OM: Computation of Income under the head | Income from house property - TDS from Salaries – IT Circular 1/2019
Computation of Income under the head | Income from house property - TDS from Salaries – IT Circular 1/2019
(i) Section 192(2B) enables a taxpayer to furnish particulars of income under any head other than "Salaries", Income from house property separately for each house property: Gross annual rent/value Municipal Taxes paid, if any Deduction claimed for interest paid, if any Other deductions claimed Address of the property
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