Capital gain

Sale consideration                                                                  =12,50,000

Less : Indexed cost of Acquisition (77,000* 785/172)      = (3,51425)

                                                                                                    --------------------------

Long term Capital gain                                                          =    8,98,575

                                                                                                    ---------------------------

Wait for expert comments

Approx Rs. 180,000/-

70,000 x 785 / 172 = 319,476

12,50,000 - 319476 =  930,524 x 20% = 186,105

OR

12,50,000 - 70000 = 11,80,000 x 10% = 118,000

I hope I am right

77000*785/172=351424

1250000-351424=898576

loang term capital gain @ 20%=179715

education cess @ 3% on tax5391=Rs 185106

interest under sec 234a,b & c pay accordingly

you can save tax if you invest within 6 month gain amt Rs 898576 on long term cpaital gain bond

or

invest in new property under sec 54 of capital gain tax act

Cost of acquisition  = 12,50,000

Less indexed Cost =  3,51,424

(77000 * 785 / 172)

Capital Gain  =  8,98,575

Tax @ 20%    = 89857 * 2 = 1,79,714 + interst

you may  hav an option payin Capital Gain @ 10% if u donot claim indexed cost..tht wud be around 1,25,000...but im not very sure abt this provision.. let the experts give their opinion...

Originally posted by : valji
	77000*785/172=351424 1250000-351424=898576 loang term capital gain @ 20%=179715 education cess @ 3% on tax5391=Rs 185106 interest under sec 234a,b & c pay accordingly   you can save tax if you invest within 6 month gain amt898576 on long term cpaital gain bond or invest in new property under sec 54 of capital gain tax act

Agreed 

Dear,

First of all your income is taxable in the year i.e. Assessment Year 2012-13.

Your property i.e. house is a capital asset because you held it more than 3 years.

Full Value of Consideration---  Rs. 1250000

Less:-

Cost Of Acquistion

77000*785/172                          Rs. 351424

Long term capital gain             Rs. 898576

Tax @ 20%                                 Rs. 179715

Education Cess @ 3%            Rs. 5391

                         Total Tax         Rs. 185106

Now you save the capital gain amount by investing in purchase of anoter house oyher wise you pay advance tax ...