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Capital gain long term

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(Querist)
02 March 2014 I had Purchased a commercial plot on 28-1-08 for 279500 ,
Sold it on 21-5-13 for Rs.1610443,

Purchased residential house on 21-6-13
for Rs.12,11,700

all these are actual cost with cost of stampdyty n Reg. no Indexation
can some one help me calculate how much is capital gain and when, where it sould be paid. I am a Doctor and our Knowledge of taxation is Zero.
Thanks, Dr.Ramesh Patel
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Ankur Singhal

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Ankur Singhal (Expert)
03 March 2014 NO CAPITAL GAIN will be taxable in your hands.
PURCHASE IN fINANCIAL YEAR 2007-2008 Rs. 279500/-
CII of 07-08 is 551
CII of 13-14 is 939

Calculation of CG
Sale Price minus Indexed cost of acquisition.
1610443-(2795000*939/551)
CApital GAin RS.1134126/-

But as you has invested the amount of capital gain in Purchase of house property hence you will get exemption of amount invested.Hence no capital gain is taxable.
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