Rental Income in Letout property is NOT added to Total Taxable Income

(Doc ID 2274442.1)

Last updated on JUNE 15, 2017

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

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