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
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- TDS ON CASH WITHDRAWALS...
- Annual return of gst limit
- U/s 44AD of Income tax
- LIC Annuity received under Jeevan Akshay Scheme
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
