Capital gain

            Sale consideration                      =                20,00,000

less : indexed cost of plot                        =               ( 2,08,351)

less : indexed cost of Construction           =               (14,83,568)

 TAXABLE LONG TERM CAPITAL GAIN   =               3,08,081

IF U WANT TO SAVE  TAX , INVEST MONEY IN CONSTRUCTION OR PURCHASE OF RESIDENTIAL PROPERTY WITHIN 3 YEARS FROM DATE OF SALE.

dear dharmendra

deposit the amount of capital gain before 31st july in capital gain scheme otherwise u can not claim exemption if u want to construct or purchase a new house after the month of july.this is the only option for u to reduce tax to minmum or exempt.

regards

tarun rustagi

capital gain account scheme is maintained by schedule banks.

regards

tarun rustagi

Mr .tarun rustagi is right  that' s the only option u have  to exempt from LTCG otherwise it is taxable in current  yr

  Sale consideration                                                 20,00,000

less : indexed cost of plot                                      ( 2,08,352)

less : indexed cost of Construction                      (14,83,568)

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                                           LTCG                                 308080   

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TO CLAIM THE EXEMPTION, YOU MUST PURCHASE A  RESIDENTIAL HOUSE WITHIN TWO YEARS  OR CONSTUCT A NEW HOUSE WITHIN 3 YEARS FROM THE DATE OF SALE  WITH THE LOCK IN PERIOD OF 3 YEARS.