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Capital gain on sale of part of a residential property

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(Querist)
04 August 2012 A Person having a Residentaial property in Dehi, containing 4 parts if the person sell out 1 part for specific amount say rs.30 Lakh what will be the capital gain scenario?
Additional info are as under
Person is absolute owner of that property and have been leaving in it for 25 years. He does not have any other property. If it comes under capital gains which gain it would be short or long?

Kindly answer in maximum details possible.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
04 August 2012 From the date of ownership, indexation of the proportionate cost of acquisition in relation to the portion to be sold can be done for the purpose of computation of capital gains.
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Capital gains will be Long Term.
.
Investment in a residential property would provide benefit of exemption U/s 54.
.
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