Taxable income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 March 2014 My client has sold his self occupied property. The details are as below:-

Bought on-10/06/2000
Sold on-- 22/10/2012

New self occupied property bought on 14/6/10.

1)My question is would he get deduction u/s 54?

2)Is capital gain taxable under normal slab rate? Or is there a special rate of tax?

Rajagopalakrishnan R

Rajagopalakrishnan R (Expert)
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23 March 2014 Purchase prior to sale can be at best 1 year prior to the sale date. So your client is not eligible to claim 54 deduction.
Cap gains is taxed@ 20% on capital gains worked out after indexation