CBDT has recently notified new form 12BB to claim a tax deduction on LTA (Leave Travel Allowance), HRA (House Rent Allowance) and Interest paid on home loans. As per new rules, you need to submit your proof of travel in new form 12BB for claiming LTA benefits. In addition to this, you need to furnish detail of HRA and deduction of interest borrowing in the same form. This new notification is applicable from 1st June 2016. Earlier also employers were taking a declaration from an employee. However, there was no standard format for the same. Introduction for this new form will standardize the process.
Download New Form 12BB for LTA, HRA & Interest Deduction
Download Form 12BB in Word Format
Download Form 12BB in Excel Format
How to fill up New Form 12BB?
You need to first furnish your name, address, PAN card number and financial year in the form 12BB. After furnishing this information you need to go to the respective section and fill out information.
Detail information to be furnished on each section is as under –
(1) House Rent Allowance:
Under House Rent Allowance section you need to provide information like rent amount paid to a landlord, name of the landlord, address of landlord and PAN card number.
Permanent Account Number is required only if the aggregate rent paid during the previous year exceeds one lakh.
(2) Leave travel concession or assistance:
Under this section, you need to just furnish amount and provide evidence of expenditure made for Leave Travel Assistance.
(3) Deduction of interest under the head “Income from House Property”:
In this section you need to provide Interest amount payable/paid to the lender. Along with this you need to furnish information like Name, address and permanent account number of the lender.
(4) Deduction under Chapter VI-A:
In this section, you need to provide information about investment and expenditure made under various heads.
Under section 80 C you need to write investment type and amount. In section 80CCC and 80CCD you need to write amount. If you have made expense under section 80E, 80G and 80TTA you also need to mention it.
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After filling up all these information you need to write your name and provide declaration.
Pravin
With regard to PAN of Landlord where the rent amount exceeds one lakh per annum. What if the Landlord PAN is not available ? Can the Assessee submit the NO-PAN declaration ?
Raviraj Parekh
In case your landlord does not have PAN card.He/She need to give declaration that he/she is not having PAN card.
Supriya
Please give me the details or meaning of LTA
Raviraj Parekh
Dear Supriya, LTA stands for Leave Travel Allowance. It is amount given by employer to employee for leave travel.
supriya
what is mean by leave travel
Raviraj Parekh
Leave Travel is allowance given by Employer to employee.
Jignesh Patel
Form 12BB will be with employer or need to be submitted to tax department? How this form will help to avoid fake claims?
Raviraj Parekh
Dear Jignesh,
This form 12BB will be with employer.Employer will submit the same to Income Tax Dept.Employer will check proof of investment while you submit form 12BB.
KARTHIKA
If rent amount does not exceed 1 lakh, so we need to mention those details right? But we can fill the details of section deuduction under section VI A ?
Raviraj Parekh
Yes Karthika, You can fill the details under section VI A.However, you need to mention the detail of Landloard this will help incometax department to track the detail.
Hormis
When should the employees submit this form 12BB to employer.
If employee need to change the declaration what needs to be done.
Raviraj Parekh
Your employer will ask form 12BB. You can revise the Form 12BB till the last date specified by Employer.
AS
Hi,
I want to claim the interest paid on Home Loans of previous year.
I got possession in Feb 2016, now i would like to claim the interest from 2011 to 2015.
Please let me know the process.
Thanks
AS
Raviraj Parekh
Dear Sir,
Interest deduction is allowed only if construction is completed within 5 years.
For more information refer to – https://moneyexcel.com/14485/home-loan-tax-benefits-section-24-80ee-80c-10-less-known-facts
Dipan Thakur
Hi Ravi,
I have taken home loan from PNB. Where i can find bank PAN number, Do they have PAN number. If yes, where i can find it.
Raviraj Parekh
Dear Dipan,
Loan certificate issued by PNB bank must contain PAN card details.If you have not got the details you can ask from Bank.
Dipan Thakur
Hi Ravi, I checked with the bank. They said that Bank does not have PAN number. Bank has TAN number. Will TAN number work for Form 12 BB ?
Raviraj Parekh
Dear Dipan,
As per form you need to write PAN. However, you can check with employer that TAN will do or not.
AS
Dear Sir,
Please tell me the process to claim interst on home loan in itr.
1.Is 12BB form required for filling itr in this case.
2. Do i need to submit any documents if yes where and which documents
3.i just need to mention income from house property in -ve right?
Thanks
AS
Raviraj Parekh
Dear Mr.AS,
In order to claim interest on home loan you need to produce certificate issued by Bank from where you have taken home loan.Form 12BB is declaration you are giving to employer about this.
PN CHANDRAN
Form 12 BB is not required to be submitted to Income Tax Department. It is a declaration to be given by the employee to the employer declaring the savings/investments he/she is going to make during the Financial Year which are eligible for deduction/exemption under Income Tax Act. Based on this self declaration the employer makes a provisional assessment of the total tax the employee may have to pay during the Financial Year and regulates monthly deduction of Income Tax at source (TDS) from the salary of the employee. This will form part of the Income Tax details/documents of each employee for each Financial Year. Of course, all these documents are subject to production to Income Tax Department, if called for.
Siddhartha
Hi My landlord does not have a pan card. He has given me a declaration for the same. Some people are telling me that in 2016 PAN is mandatory and declaration will not work. Please can you let me know what is the new rule if any about this.
Raviraj Parekh
If your house owner does not have a PAN, you need not worry, as long as he/she is ready to sign a self declaration stating he does not have a PAN. You can submit a copy of this declaration to your employer and avail of the HRA deduction. If rent paid is above 8333 Rs it is mandatory for Landlord to submit PAN card.
Vedarth
Hi Raviraj,
I am paying 8000/month rent through net banking. Also the landlord is not giving me the rent receipts.
Could you please tell me:
1. As the rent is not exceeding 100000, is it still required to fill form 12BB? if Yes, then is it required to mention the PAN of the landlord?
2. As I dont have rent receipts is it required to mention anything in the Evidence/particulars column?
Raviraj Parekh
Dear Vedarth,
As rent is not exceeding 1 Lac Landlord is not bound to give PAN card.
You required to fill Form 12BB.
For evidence you can give proof of payment(Net banking)
K T Vigneswara Rao
Where to add the following items in the Form 12bb
Travel allowance under section 10(4) for Rs.19200
Medical bills reimbursement For Rs .15000
Raviraj Parekh
You can define Medical Bill under section 17(2) and Travel Allowance under section 10.
Som
If the landlord doesn’t have the PAN No. then a Self – declaration form needs to be submitted. However in the Form 12BB, how the same needs to be filled in as there is only place for giving PAN Number of the landlord. No place for giving Self-declaration. Please help me understand
Raviraj Parekh
Self declaration is attachment to Form 12BB.