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 Ghanshyam Joshi

CA Ghanshyam Joshi (Expert)
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07 March 2012 It is chargable to Capital Gain. If you are investing the net sales consideration for purchase of another house property then you can claim the deduction under section 54.

Please provide some more details.

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CA. Afjal Y Hamirani

CA. Afjal Y Hamirani (Querist)
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07 March 2012 Thank YOu CA. ghanshyam joshi.

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.

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CA Ghanshyam Joshi

CA Ghanshyam Joshi (Expert)
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07 March 2012 as you correctly said 20% on LTCG and on the remaining income without considering the LTCG pay as per the normal tax slab (i.e. @ 10% for amount exceeding the basic exemption limit)

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CA. Afjal Y Hamirani

CA. Afjal Y Hamirani (Querist)
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07 March 2012 Thank you sir.

so in my problem tax is : 62913 on that @20% so it comes 12582.62 and for remaining income that is (396877-62913) 333964 on that slab limit is applicable so tax is comes 17396.40 so total tax is (17396.40+12582.62)29979 + 3% education cess.

is this my calculation is correct?

Thank You sir...