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Tax calculation on wholly let out property in IT0584


We gave input values in Final lettable value and Ded. interest u/s 24 under wholly let out property in IT0584 ,system is generating  deduction under any other income, but we are not getting correct amount.

Calculation

                 

Final
  lettable value or Net  Annual value 29000 LessStandard
  deduction 30% on NAV 8700 20300 Interest on
  loan 205888 Income -185588

But system in giving income gain or losst Rs. 176888/- .

Difference between amount calculated outside and by the system is Rs.8700/-

Like to know where  we are going wrong or need to change any system configuration.

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1 Answer

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    Former Member
    Oct 16, 2015 at 05:48 PM

    Can you send a screenshot of all data in IT 584?

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    • Former Member sriivas Malladi

      There are two fields , Deduction(Repairs) & Deduction(others) - click on F1 on each of these fields. See which is suitable for your requirement.