How to save tax on long term capital gain

You will not be eligible to calim exemption under Capital Gains in respect of the Flat Y as it needs to be purchase one eyar before the sale took place.

Your Capital Gains wud be as under:

However you can claim exemption of the above CG by investing in the Bonds issued by REC & NHAI u/s 54EC upto Rs. 50 lacs. Sicne your CG liability is less than 50lacs, the whole of the amount can be claimed as exempt.

The extracts of the Serction are as under:

Capital gain not to be charged on investment in certain bonds.

54EC. (1) Where the capital gain arises from the transfer of a long-term capital asset (the capital asset so transferred being hereafter in this section referred to as the original asset) and the assessee has, at any time within a period of six months after the date of such transfer, invested the whole or any part of capital gains in the long-term specified asset, the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,—

          (a)  if the cost of the long-term specified asset is not less than the capital gain arising from the transfer of the original asset, the whole of such capital gain shall not be charged under section 45;

          (b)  if the cost of the long-term specified asset is less than the capital gain arising from the transfer of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of acquisition of the long-term specified asset bears to the whole of the capital gain, shall not be charged under section 45 :

 ⁹⁰ [Provided that the investment made on or after the 1st day of April, 2007 in the long-term specified asset by an assessee during any financial year does not exceed fifty lakh rupees.]