Income from house property

This query is : Resolved

RUPESH R.H. (Querist)
Follow

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)
Follow

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.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

HITESH NIRANJAN SAHU

REGIWISE CONSULTANTS PVT LTD

R M Shekhaliya

CA Aakarsh Jain

SUMAN SAHA

Subscribe Now

Income from house property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA