Capital gain tax

This query is : Resolved

Ashish Chhabra (Querist)
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22 February 2012 Dear Sir,
My uncle purchase a residential property in 2004 for Rs 10 lakh and wish to relocate to their native place.
The Current valuation of the property is now now around 53 Lakh as per the circle rates.

If they sell this property and but a new one against the same for Half the value of Current Property. What options are available to them for saving tax on Capital gain.

The property is in Join Account of My uncle and aunt, both are senior citizens.

As per my calculations by the details given in your other resolved queries

Sell: 53,00,000(assumed)
Purchase: 23,00,000 (assumed)
Indexed Purchase Price: 16,50,000
Taxable Income: 13,50,000

My Querries are:
Am I correct with the Approx Calculations?

Can the Renovation of New Property deducted in the taxable income?

What can be done to save tax on the Taxable income?

Can 2 Properties be purchased to save the taxable income?

Ashish Chhabra

Ashish Chhabra (Querist)
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22 February 2012 Also please tell me what is Tax rate with Indexation and Tax rate without Indexation ?