How to compute Income on house property for my let out/rented property which is purchased through hous?

How to compute Income on house property for my let out/rented property which is purchased through housing loan?

Income from House property: (Model Calculation)
1. Rent received Rs.10,000 pm x 12months= Rs.1,20,000
2. Less Municipal Tax paid = Rs. 20,000
3. Balance amount (Rs.1,20,000-Rs.20,000) Rs.1,00,000
4. Less:30% deduction U/s 24 for repairs on bal Rs.1 lakh= Rs.30,000 (This deduction is allowed even if you do not spend the amount for repairs)
5. Balance after 30% deduction = 1,00,000-30,000=70,000
6. Less interest paid on Housing loan-----------Rs. 1,60,000
7. Balance Amt.= 70,000-160000=Rs. -90,000 (loss from house property). But the interest on housing loan is allowed Max. Rs.1,50,000 only. So the loss from house property will become Rs.80,000 insted of Rs.90,000. This loss Rs.80,000 can be adjusted in other income say salary or business.

Supposing if your salary income is Rs.3,00,000 per year.
After this house loss your net taxable income will be *Rs.2,20,000.

Further the principal paid to the bank through EMI, Say Rs.1,20,000. This principal amount paid will be treated as deduction u/s 80C. 80C deduction Max. allowed is restricted to **Rs.1,00,000 (along with other investments link LIC,PPF & NSC ect.). This deduction of Rs.1,00,000 can be claimed by you on your total income.

The above said net taxable income *Rs.2,20,000 will be reduced by the above said 80c deductioin **Rs.1,00,000. After adjusting the income with 80C deduction, balance taxable is Rs.1,20,000 only. If you are men, then for this running year your tax free income is Rs.1,10,000. So you have to pay just on Rs.10,000. (Rs.1030 tax). If you are a women, or seniour citizen, then no tax will be payable on Rs.1,20,000.
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Hope you understand my calculation.