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Capital gain

This query is : Resolved 
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(Querist)
28 July 2011 An Individual booked a flat with builder with Rs.1 lac in Sept 2007. then further he paid amount of
Rs 1 Lac in 2007-08
Rs 1 Lac in 2008-09
Rs 1 Lac in 2009-10

Now in March 2011, he transfer the right in property to another for the consideration of Rs 5 Lac. Property is still under Construction.
Whether is it Capital Gain ?
if yes then LTCG & STGC?
how indexed cost calculate in case of LTCG ?
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
28 July 2011 It is Long Term Capital Gain.
Indexation has to be calculated considering purchase price as Rs. 400000 and date of acq as Sept. 2007
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