How to save capital gain on sale of a plot

Shamita (Learner) (410 Points)

12 February 2012  

A person want to sell a plot and purchase a residential house. The value of registry of the plot will be Rs. 7 lacs and value of registry of the residential property to be purchased will be Rs. 10 lacs. The plot was purchased in 1984 for Rs. 60,000.00. The sale of plot will be done by March 2012 and the residential property will be purchased in May/June 2012.

So how much Long term capital gain will arise and how to plan its saving.

Please reply.