Hi Friends,
This query pertains to HCM India Payroll.
We have a case to whereby the Employee has 02 House Properties, 1 of them fully let out and the other not let out.
Subsequently as per the standard Income Tax formula to be used and the 'Loss on House Property' to be calculated for the value to appear ultimately with Form 16.
We understand that this entry is to be entered within Infotype 584 (Income from other sources) Subtype 0001 (House Property). We also understand that the tabs to be used are 'Self Occupied' and 'Wholly Let out Property.
However, could somebody tell me in which fields within these tabse, I would need to enter what amount from the below example given:
Computation of income
Flat no.101 at pune House 1 House 2
status Let out Not let out Not let out
Fair rent/rent of similar property 180000 288000
Rent received 195000 0 0
Muncipal valuation
standard Rent
GAV(Final after all adjustments) 195000 180000 288000
LESS:muncipal taxes paid during the year 0 0 0
NAV 195000 180000 288000
LESS :Deduction u/s 24(b)
30% of NAV 58500 54000 86400
Interest on loan taken 330315 359132 321600
AMOUNT TAXABLE UNDER -193815 -233132 -120000 -546947
THE HEAD HOUSE PROPERTY
*LOSS ON HOUSE PROPERTY
TO APPEAR IN FORM 16 -546947*
Thanks
Burjis