Filing ITR for Rental Income in India: What the E-filing Portal Needs from You (FY 2024-25 / AY 2025-26)
Good news for Indian taxpayers! While the e-filing portal continues to get smarter with pre-filled details from Form 16 and your Annual Information Statement (AIS), you’ll still need to provide crucial information, especially when it comes to your rental income. This is even more vital given the recent changes in ITR forms for the current Financial Year 2024-25 (Assessment Year 2025-26).
Just like claiming HRA exemption under the old tax regime requires specific inputs, so does declaring “Income from House Property.” If you’re a landlord, or simply own a house, pay close attention!
The Income Tax Department’s e-filing portal will show you pre-filled amounts, but it now asks for a detailed breakdown. As the portal states, “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.”
This means you’ll be actively verifying and entering details to accurately calculate your tax liability. Here’s a clear guide to what you’ll need to provide:
Essential Details for “Income from House Property”
The e-filing portal will guide you through these key fields to determine your final tax:
- Type of House Property: Is it let-out (rented), self-occupied (for your own use), or deemed to be let-out?
- A: Gross Rent Received/Receivable/Lettable Value: This is the total rent collected or due for the year, or the fair rental value if applicable.
- B: Tax Paid to Local Authorities: Any municipal taxes (like property tax) you paid during the year.
- C: Annual Value (A-B): The portal calculates this automatically by subtracting local taxes from your gross rent.
- *D: 30% of Annual Value (30%C): This is your standard deduction, a flat 30% allowed on the Annual Value.
- E: Interest Payable on Borrowed Capital: This is where your home loan interest comes in. You’ll need to fill out a separate ‘Section 24(b) table’ for this.
- F: Arrears/Unrealised Rent Received (less 30%): If you received any back-rent from previous years, enter it here after deducting the 30% standard deduction.
How the Portal Calculates Your Taxable Income:
- For a Let-Out Property: (C−D−E)+F
- For a Self-Occupied Property: F−V (where V is the applicable interest on borrowed capital, subject to limits).
Important Note on Home Loan Interest (Section 24(b)):
- Old Tax Regime: For a self-occupied property, you can adjust a maximum of ₹2,00,000 as housing loan interest.
- New Tax Regime: There’s generally no such limit for let-out properties under the new tax regime, but the deduction for interest on borrowed capital for self-occupied property is generally not allowed unless you opt for the old tax regime. Remember, the new tax regime is now the default.
What to Provide for Section 24(b) – Interest on Borrowed Capital:
To claim this crucial deduction, be ready with these specifics:
- Home taken from: (e.g., Bank, Housing Finance Company, Individual)
- Name of lender:
- Loan account number:
- Date of loan sanction:
- Total amount of loan:
- Loan outstanding as on March 31, 2025:
- Interest paid on the borrowed capital under Section 24(b):
Get Ready to File!
Both salaried individuals and others can now file ITR-1 and ITR-4 forms online for FY 2024-25 (AY 2025-26) directly on the Income Tax Department’s e-filing portal. You can also use various authorized tax-filing websites.
The due date for taxpayers who do not require an audit is September 15, 2025. Don’t miss it!