Chartered Accountant
6971 Points
Joined September 2007
You need to compute in the following manner
1) First check whether it falls under Long Term Capital Gains (LTCG) or Short Term Capital Gains. (STCG)
2) In case it is LTCG the income will be (Sale Consideration received - Indexed Cost of Acquitision - Indexed Cost of Improvement - Cost of selling ) based on this the income will be computed. Any deductions under Section 54 has to be computed and later if there is no tax liability arising out of this transaction or the tax computed is lesser than what is deducted then you get back the refund.
In cae of any difficulties email me at mrpraveenca @ gmail.com