776 MPs and 4120 MLAs will decide the result in a secret ballot.
Kovind reportedly is likely to sweep the election with 70% of electoral college backing him.
Know how is President elected in India.
All about India's Presidential election!
What is the President's role in Indian political set-up?
India has a parliamentary form of government which implies that the President is the head of state while the Prime Minister is the head of the government.
President is also the supreme commander of armed forces and has powers to prorogue or dissolve the Parliament.
He/she further makes appointments to important posts including the PM, state governors and Supreme Court and High Court judges.
Who can become a President of India?
In order to contest for the post of President a person has to be an Indian citizen over 35 years in age. He should also be eligible to be a Lok Sabha member and should not hold an Office of Profit.
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Who elects the President?
The Presidential elections are conducted by the Election Commission, after the nominations are filed.
President is elected by electoral colleges consisting of elected representatives of the Parliament and legislatures in states and Union Territories. The current strength of the electoral college stands at 10,98,882.
A candidate wins the election on crossing the halfway mark at 5,49,442 votes.
Presidential elections are guided by Articles 54, 58 and 62 of the Constitution of India and the provisions of the Presidential and Vice-Presidential Elections Act, 1952.
How are the nominations filed?
A Presidential nomination is to be backed by a minimum of 50 electors as proposers and well as another 50 electors as seconders.
It is then presented to the Returning Officer either by the candidate or the proposers or seconders on a day demarcated for filing.
The candidate is also required to present a Rs. 1500 security deposit along with the nomination.
How are the votes valued?
Unlike a normal election, a single vote does not count as one in the Presidential elections.
The value of MLA votes is determined after dividing the state's total population with the total strength of the state legislature.
The value of a single MP vote is further determined by dividing the total value of all the MLA votes with the total number of MPs.
How are the votes counted?
The electors are required to rank candidates according to their order of preference in the ballot paper.
The winner will have to secure 50% of the total ascertained value of MPs and MLAs votes plus one to be declared winner.
If no candidate manages this, the candidate who scored the least is eliminated and his votes distributed amongst other candidates, until a winner emerges.
Meanwhile, inside the Parliament
PM Modi and BJP national president Amit Shah have casted their votes in the Presidential elections 2017.
Reportedly, BJP is also likely to announce its vice-presidential candidate today after the parliamentary board meeting in the evening.
Meanwhile in Varanasi, supporters of BJP performed hawan for the victory of NDA Presidential candidate Ram Nath Kovind.