Capital gain on sale of one self occupied house property

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CA. Afjal Y Hamirani (Querist)
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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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

CA. Afjal Y Hamirani

CA. Afjal Y Hamirani (Querist)
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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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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