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Regarding ltcg on residential flat

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(Querist)
10 November 2012 Dear Sirs, I own a residential flat which acquisition Price As on 19/12/2009 was Rs. 7,00,00/- as per Sale agreement.
Now I want to sale it on 20/12/2012 @ Rs.26,50,000/-
Now I`v a question that how much is the capital gain & the purchaser is asking for full agreement of Rs.26,50,000/- which I think must be less.
Now Please inform me that if I purchase a new Flat of Rs.19 lakhs or Rs.20 Lakhs then what amount of agreement should be made for the Old Flat?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
11 November 2012 The Long Term Capital Gain arising is
2650000-(700000*852/632)=1656329
.
As the cost of new asset is more than the capital gains, you may enter into a sale agreement of Rs. 26.50 lacs.
.
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CA VISHNU GAVKARE

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CA VISHNU GAVKARE (Expert)
12 November 2012 Agreed with Paras Sir.
No tax liability if u invest in new house.
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