Capital gain on sale of one self occupied house property
This query is : Resolved
06 March 2012
Hello Sir/Madam,
I own only one house property which is also self occupied .I am vary much confuse that if i sale one self occupied house property than whatever capital gain arise from sale of house property is chargeble to capiral gain?
Thank you Sir/Madam.
I own only one house property which is also self occupied .I am vary much confuse that if i sale one self occupied house property than whatever capital gain arise from sale of house property is chargeble to capiral gain?
Thank you Sir/Madam.
06 March 2012
The capital gain arising on sale of residential house property is taxable as Capital Gains.
However, you can claim exemption u/s 54 if you satisfy the following conditions:
1. The sold house was a long term asset, i.e., it was held for a period of 36 months or more.
2. You purchase within a period of 1 year before or two years after the date on which the transfer took place,
or construct within a period of three years after that date a residential house.
If the amount of capital gains is equal to the amount of investment, then the whole amount shall be exempt.
However, you can claim exemption u/s 54 if you satisfy the following conditions:
1. The sold house was a long term asset, i.e., it was held for a period of 36 months or more.
2. You purchase within a period of 1 year before or two years after the date on which the transfer took place,
or construct within a period of three years after that date a residential house.
If the amount of capital gains is equal to the amount of investment, then the whole amount shall be exempt.
07 March 2012
Thank YOu siddartha bhardwaj.
in my problem what happened that his gross total income including five head of income is rs. 531877 out of that he invest u/s 80c, 80d & 80ccf an amt of rs. 135000 & his now total taxable income is rs.396877 out of that rs. 62913 is a long term capital gain arise from sale of house property. so how mant amt of tax he has to pay for his taxable income of rs.396877 because long term capital gain is taxable @ 20%.
please reply me as much as possible.
Thank You Sir.
in my problem what happened that his gross total income including five head of income is rs. 531877 out of that he invest u/s 80c, 80d & 80ccf an amt of rs. 135000 & his now total taxable income is rs.396877 out of that rs. 62913 is a long term capital gain arise from sale of house property. so how mant amt of tax he has to pay for his taxable income of rs.396877 because long term capital gain is taxable @ 20%.
please reply me as much as possible.
Thank You Sir.
07 March 2012
The position is as under??
LTCG - Rs. 62,913
Other income - Rs. 4,68,964
Deductions - Rs. 1,35,000
If that is the case, then tax liabilty shall be as under:
On LTCG @ 20% = Rs. 12,583
On balance income of Rs. 3,33,964 normal slab rate is applicable.
Deduction under Chapter VIA is not allowed against LTCG.
LTCG - Rs. 62,913
Other income - Rs. 4,68,964
Deductions - Rs. 1,35,000
If that is the case, then tax liabilty shall be as under:
On LTCG @ 20% = Rs. 12,583
On balance income of Rs. 3,33,964 normal slab rate is applicable.
Deduction under Chapter VIA is not allowed against LTCG.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- NRI starting business in India
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- ADVANCE PAYMENT OF ADVOCATE
- DIN reactivation
- GST rate and HSN code for sale of racing horses
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
