Income from house property

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RUPESH R.H. (Querist)
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22 February 2012 Sir,
I have 1 Query about Capital Gain i.e. House Property . Assessee has fulfill the following conditions

1) He is Individual
2) The Property is Self Occupied
3) The Property is Long Term Capital Assets

Sir Assessee sold the Property of Rs. 33,00,000/- (deposited in SB A/c) for A.Y.12-13 Which he had acquired for Rs.12,50,000/- in A.Y.2005-06 against Housing Loan of Rs.12,00,000/-. The Outstanding Loan is Rs.5,45,000/- in F.Y.2011-12. Sir, I want to know how to calculate Long Term Capital Gain for the A.Y.2012-13 i.e. current Year. Transfer Chgs has Rs.27300/-
Assessee will purchased new property within next two year. However, Assesse has square up the outstanding loan of Rs.5,45,000/- and remaining balance amount introduced in business. i.e. Rs.27,55,000/-
Sir I want to know that whether he can get any exemption u/s 54 or not ? pls tell me the calculation

Awaiting yours reply
RUPESH

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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23 February 2012 Sale Consideration 33,00,000
Less: Expenses on transfer 27,300
Net Sale Consideration 32,72,700
Less: Indexed Cost of Acquisition
12,50,000*CII of FY 11-12/CII of FY 04-05

Balance will be long term capital gain/loss

To claim exemption u/s 54, the assessee has to deposit the amount of CAPITAL GAIN in a capital gain account scheme by 31.07.2012.

If he does not deposit the amount in the said account then the whole amount of capital gain shall be taxable.

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