Capital gain calculation

CII for FY 2019-20 not released yet, but appreciation of the property would be around 10%, thus LTCG would be around 27 lakhs, CG tax liability for AY 2020-21 wpuld be around 5.4 lakhs (+ 4% cess).

You can invest about 27 lakhs in NHAI or REC capital gains bonds (within 6 months from the transfer) to save the tax.

Sorry for typo error.... CG would be 23 lakhs

Tax liability 4.60L + 4% cess.

Investment in bonds 23 lakhs to almost nullify the LTCG tax liability.