Capital gain - urgent pls reply

I think LTCG will be:

Sales Consideration (30 x 3) = 90 lakhs

Less: Cost of acquisition (19 x 3) = 57 thousand (subject to indexation)

Capital Gain = 89.43 lakhs

For exemtion under sec 54F:

If cost of new asset > Net consideration of asset transfered, then full amount is exempt

If cost of new asset < Net consideration of asset transfered, then exemtion will be, 

                                       Capital Gain x Cost of new asset / Net consideration

If full amount is not utilized till filing of return, then u can invest into capital gain account scheme

For claiming exemption, conditions of section 54F has to be complied with.

Thanks Yash & Roopak for correcting me...:)

I fully support Rachit's reply... Just a small change... Cost of acq. will be Rs. 57000(subject to indexation)..

new asset sould be a residential house...

Please check what type of ground this is with your local municipality, because grounds such as yours, could come under special zones, for which a separate permission is sought from the govt to construct a building.

for getting exemptin u/s 54f new asset must be a residential house

Thanks Yash & Roopak for correcting me...:)

Thanks Yash & Roopak for correcting me...:)

Thanks all for ur reply..

but there is another way to get better relief rather than to invest in capital gain scheme. 

i.e form a partnership firm and the remaining portion which is not sold can be bought in as capital and making a condition for getting 50% of the portion constructed to give to the person who brings it and the balance portion to be shared as profit for remaining partners.. this way the house is constructed and even the money can be used effectively..