How is capital gains calculated

Both the individuals, joint owners, shall share cost of cquisition and sales consideration as mutually decided by them and thereafter can avail exemptions on the basis of their investment.

Plz help

Mr 'X' living as a tenant in a house since 1980, In Oct  2011 he registerd as a owner of the said property by paying Rs 50000 stamp duty. In Feb. 2012 he sold the property at Rs 20,00000

what would be tax implication.

Thanks 

In the aforesaid case, Cost of Acquisition is Rs. 50,000 and Sales Consideration is Rs, 20,00,000 and the period of holding will be Oct-11 to Feb-12 i.e less than 36 months.

Hence, shoet term capital gain of Rs. 19,50,000 will arise and the same is chargeable at marginal rates applicable to Mr. X.