Capital gains

capital gain shall be taxable by taking consideration of 3.20 crores and not just 20 lakhs.

              Consideration                                (A)   : 3.20 crores

             Less:Indexed Cost of inherited          (B)  : Not Provided -Say "X"

             Capital Gains                          (C)= (A-B)    :  3.20-X

            Less: Deduction U/s 54F               (D)     :3.00 Crores          

            Taxable C.G                               (C-D)    : 0.20 Crores-X

Note: Take Cost and Consideration proportion to the Assessee part of inherited property

Refer the following case law:

https://itatonline.org/archives/wp-content/files/gita_duggal_54_residential_house.pdf

CIT V. Gita Duggal (2013) ITR 153 (Delhi)

Capital Gain restricted to Rs. 20 lacs only