What are the proof to be submitted to employer for adjustment of House Property Loss from Salary Income
The employee has to furnish before the employer a
i) 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. [ Section 24(b) of Income tax Act ]
ii) For Deduction of interest under the head “Income from house property“. Employee has to submit Name, address and permanent account number of the lender. [ Rule 26C of Income tax Rules ]