A person sold two property one in Trichy (I.C.A - Rs. 35 Lakhs) and another in Salem (I.C.A - Rs. 15 Lakhs) each for a consideration of Rs. 80 lakhs (Rs. 40Lakh each). He brought a property in Chennai for Rs. 1.4 Crores.
How to calculate capital gain for this ?
Whether Income tax act allows to adjust the LTCG of both property against the property purchased ?
I.C.A - Indexed cost of Acquisition