Income tax calculator: Buying a house is one of the important financial decisions of a winning person. Sometimes an individual sells other large assets like stocks, gold, mutual funds, etc. to buy a house. However, upon recognition of a profit or sale of an asset, income tax is levied in the form of long-term capital gains tax (LTCG). However, the tax authorities allow the LTCG tax exemption under certain conditions. For example, if a home buyer sells gold to buy a new house or build a new house.