Doubt about method of calculation of capital gain

Capital gain is calculated in the year in which asset is sold or transferred. Also taxation of capital gain will arise in the financial year in which it is sold and in the return of income of that financial year in which it is sold. The new house after holding for 43 mths will be taxable in the year in which it sold.
But deduction will be available of cost of acquisition of property in July 2014 and you can indexation of the same and same will be reduced from your sale consideration to find taxable gain.
You can go for exemption u/s 54 or section 54EC of Income Tax Act by investing the amount of sale consideration within stated tim period after complying the conditions of section to save tax.

This is the way you will determine your capital gain

Sale Consideration
Less :Expenses on transfer ie brokerage commissions etc
Net sale consideration
Less: Indexed cost of acquisition
Less: Indexed cost of improvement
Gross Long term capital gain
Less : Exemption u/s 54/54EC
Net Long term capital gain

Does capital gain arise only when Net sales consideration exceeds Indexed cost of acquisition and improvement ????

If there is net gain as per the working method shown above then it is taxable orelse it is capital loss

for my simplicity and. my reliance on Ca,cs & CMA fraternity , please calculate Capital gain or loss for my better comprehensive understanding.I am giving you more details about sale transaction
1.Actual cost of acquisition of plot (old)-2,10,000
2.Net sales consideration -70lacs
3.New residential house purchased -39,85,000
4.Cost construction & improvement -Unknown because house was constructed by my father
5.Stamp value paid on registration of plot(old)-Unknown because it was sold and all possession papers were handed over to buyer in July,2014....