No sir the above computation is not correct in my opinion

Amount paid as property tax is not allowed as deduction .

          GROSS ANNUAL VALUE = NIL

LESS: MUNICIPAL / PROP. TAX =5LAKH ( THIS DED.IS ALLOWED SUBJECT TO ANY GROSS                                                                                               INCOME)

            NET ANNUAL VALUE       =NIL  ( AS IT CAN'T BE NEGATIVE)

LESS: DED. U/S 24                    

              30% STATUARY DED.  =   NIL       ( 30% OF NAV  i.e, NET ANNUAL VALUE)

              INTEREST ON LOAN     = N/A        (   AS NO INF. GIVEN BUT WOULD BE ALLOWED IF ANY                                                                                        AMOUNT UPTO Rs.150000)

INCOME U/H HOUSE PROPERTY=  NIL

( NOTE - 30% STATUTARY DED. COVERS THE AMOUNT OF SECURITY CHARGES AND ACTUAL AMOUNT OF SUCH SECURITY CHARGES WILL NOT BE ALLOWED SEPARATELY)

income u/h Profits and Gains from business and profession = 17 lAKH- 7lAKH=10lAKH

( Note- the above amount will be charged u/h income from other sources if giving loan to others is not the main business of co.) 

GROSS INCOME CHARGEABLE TO TAX = 10 LAKHS