Please calculate my tax

Here is your computation

Salaries                                                                                                                                                                       288000

Abc

Salary                                                                                                           72000

Pension Received                                                                                   216000

Taxable Salary                                                                                           288000

Income From House Property

Let Out

Annual Rent                                                                                                48000

Less: House Tax                                                                                        -3000

Annual Value                                                                                              45000

Less: Standard Deduction U/s 24(a)                          13500

 Interest U/s 24(b)                                                           95000            -108500

Taxable Income From House Property                                                                                                                -63500

Inter-head Adjustment Of Losses U/s 71

  House Property Loss Set Off From Salary Income Rs.                                                                                  -63500
Gross Total Income                                                                                                                                                224500

Less Deductions Under Chapter-VIA

80C Deduction                                                                                                                                                          80000

Total Income                                                                                                                                                             144500
Total Income Rounded Off U/s 288A                                                                                                                   144500

Computation of Income

Income from Salary

Salary = Rs. 72,000 - 2,400 (PT) = Rs 69,600/-

Pension = Rs. 2,16,000 - 15,000 (deduction u/s 57) = Rs. 201,000/-

Total Income from Salary = Rs. 270,600/-

Income from House property

Rent received = Rs. 48,000/-

Less Taxes = Rs. 3,000/-

Less 30% deduction = Rs. 13,500/-

Less Interest deduction = Rs. 95,000/-

Total income from House = Rs. 63,500/- (loss)

Total Income = Rs. 2,07,100/-

Less Deductions u/s 80C

EPF = Rs. 50,000/-

LIC premium = Rs. 15,000/-

Principal housing loan = Rs. 15,000/-

Total Deductions = Rs. 80,000/-

Total Income = Rs. 1,27,100/-

No Tax payable.

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@ Mihir,

Pension deduction of Rs 15000 is for family pension.