There is a rule that if exempt income exceeds rupees 5000, a salaried individual with interest income and income from one house property will have to use ITR-2 and cannot use ITR-1. What is covered under exempt income? Will HRA and transport allowance also be covered in the limit of 5000?

Hello,
I am selling my apartment which was registered on April 2010. the net profit after paying the homeloan is 26 lacs. Also I am reinvesting the total profit amount in purchasing another property. Can anyone please let me know if I will be taxed for the said capital gain. Also the tax exemption I got past years for home loan interest... will that be taxed?
Experts please reply..

Thankyou.
Prashant.

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