tax on house rent

I own a house which is on rent @Rs 4000/- pmThe interest on loan is Rs 55000/- (Prov) for the year 2011-12.I own a flt also which is self occupied.The interest on loan is Rs 99000/-(Prov) for the year 2011-12.Kindly guide me how to calculate the taxable income from property.

                                                                                         Thanks!

Rented House: (I presume you are not paying any tax to municipality, pls check it from your society bill. if its there please adjust computation accordingly)

Annual Rent  48,000

Less: Municipal Tax    0

Adjusted Annual Rent   48000

Less Deduction u/s 24(1) (30%)  14400

Less interest paid on housing loan (full interest) 55000

Net taxable income from rented house   (-) 21400  (loss which can be adjusted against other income or carried forward)

For self occupied property:

Rent     Nil

Less : Interest on home loan     99000   (allowable upto Rs 1.50 Lakhs)

Net taxable income from self occupied house   (-) 99000  (loss which can be adjusted against other income or caried forward to next year)

Hope this helps you.