Outgoing President Pranab Mukherjee and Mr Kovind will arrive in the Central Hall in a ceremonial procession, where Mr Kovind will be administered oath by Chief Justice of India JS Khehar.
He will then exchange seats with Mr Mukherjee. A 21-gun salute will be given in his honour and the new President will then deliver his address.
Vice President Hamid Ansari, Prime Minister Narendra Modi, Lok Sabha Speaker Sumitra Mahajan, union ministers, Governors, Chief Ministers, Ambassadors and other diplomats, MPs and senior civil and military officers will be among those present.
After the ceremony ends, the new President will leave for Rashtrapati Bhavan where an inter-services guard of honour will be given to him in its forecourt. Mr Mukherjee will leave for his new address - 10 Rajaji Marg.
Earlier in the day, Mr Kovind will visit Rajghat to pay his respect to Mahatma Gandhi before heading to Rashtrapati Bhavan where he will be received by Mr Mukherjee. Both will then proceed to Parliament.