I am working in Software Company and earning Rs. 3,70,000/- per annum. I have taken the Housing Loan for Rs. 8,25,000/-. I am paying the EMI Rs. 15000/- per month. I need tax calculation for this whether Let out or Let in the property. If I let out, what will happen? Or If let in, what will happen. And One more important thing, my working place and property both are different place.

This is regarding India Income Tax. This forum is for U.S. income tax.

Since you are a salaried and purchased a house which not in your work location, your calculation would be complicated and advise you to contact some tax consultant. B'cs you need to plan your tax calculation with all facts which can't be done in a forum like this. It needs face to face interaction.
I can help you but need all the details of your income with breakups. I am in Delhi and you are?