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Tax calculation on wholly let out property in IT0584

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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.

Accepted Solutions (0)

Answers (1)

Answers (1)

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

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Thank you for response.As requested providing the values entered in IT0585 and simulated PYslip with other income deduction

Former Member
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Where is the standard deduction captured?

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Do we need maintain standard deduction on wholly let out property in IT0584 

Correct me if I am wrong as it should available in table v_t511k as this standard as per IT ACT

Former Member
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You need to maintain in in the appropriate field in It 584. The constant REP24 in v_t511k is only to limit the amount entered to 30% of the final lettable value.

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In V_t511k table constant REP24 is for Repairs under section 24,but there is no constant for standard deduction on NAV and what is appropriate filed in IT 0584 where standard deduction to be maintained.

Screen shot of Table V_t511k is enclosed for refrence

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