Is it taxable of letout leased house property

Yes, deemed rental income to be assessed.

deduction of u/s 24(a) 30% on NAV (i.e. GAV-Municipal taxes paid)

deduction u/s 24(b) interest on capital borrowed for the said house property.

[In the case of a let-out property, there is no limit on the quantum of interest which can be claimed as a deduction under section 24(b)]

The principal portion of the EMI paid for the year is allowed as a deduction under Section 80C

Income generated from the deposit amount to be reported as other income.