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Capital gains tax

This query is : Resolved 
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(Querist)
05 August 2013 PURCHASED PROPERTY = RS.5 LAKH 1 JUNE 1990
SOLD PROPERTY = RS.25 LAKH 1 JUNE 2013
PURCHASED PROPERTY = RS.30 LAKH 1 JULY 2013
DO I HAVE TO PAY CAPITAL GAINS TAX. I DO NOT HAVE ANY OTHER PROPERTY IN MY NAME. THIS IS THE ONLY RESIDENTIAL PROPERTY PURCHASED AND SOLD BY ME. WHAT IS THE INDEX VALUE FOR 1990-1991 & FOR 2013-2014. IF THERE IS CAPITAL GAINS TAX TO BE PAID; WHAT WOULD BE THE AMOUNT?

TUSHAR HAD REPLIED THAT I HAD PAY 20% CAPITAL GAINS TAX. COULD YOU PLEASE GIVE ME THE AMOUNT OF CAPITAL GAINS TAX TO BE PAID. ROUGH AMOUNT WOULD. ALSO SEND ME THE INDEX. I'AM BASED IN BANGALORE
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
06 August 2013 Computation of Capital Gain:

Sale Consideration: 25,00,000
Less: Indexed Cost of Acquisition: 23,40,659
(5,00,000*852/182)

LTCG: 1,59,340

Less: Exemption u/s 54 1,59,340
(Rs. 30 lakhs restricted to LTCG)

Taxable LTCG: NIL

There is no tax liability as full amount of LTCG is exempt u/s 54.
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