My Oracle Support Banner

Rental Income in Letout property is NOT added to Total Taxable Income (Doc ID 2274442.1)

Last updated on FEBRUARY 27, 2019

Applies to:

Oracle HRMS (India) - Version 12.1.3 and later
Information in this document applies to any platform.

Symptoms

On : 12.1.3 version, India Payroll

ACTUAL BEHAVIOR
---------------
Rental Income in Letout property is NOT added to Total Taxable Income. Instead it is deducting the Additional Rental Income (Actual Rent-Municipal Tax-Interest Income)

STEPS
-----------------------
The issue can be reproduced at will with the following steps:

Example:

1. House Loan Information Element values
Property Type: Letout
Loan Sanctioned Amount : 20Lakhs
Principal Amount : 1,00,000/-
Interest Amount : 1,00,000/-
Municipal Tax : 6692
Rental Income : 261000

Chapter VI A Deduction 1,50,000/- is already accounted with Mutual Funds.

N> Run Quick Pay

BUSINESS IMPACT
-----------------------
The issue has the following business impact:
Due to this issue, incorrect calculation.

Cause

To view full details, sign in with your My Oracle Support account.

Don't have a My Oracle Support account? Click to get started!


In this Document
Symptoms
Cause
Solution
References


My Oracle Support provides customers with access to over a million knowledge articles and a vibrant support community of peers and Oracle experts.