Income tax query

Compute the cost of acquisition first (Cost inflation index for 2002 divided by CII for 2012 X 36000).  Reduce this from 4,50,000.  This will be your long term capital gain.  The amount over and above the non taxable maximum will attract 20% tax.  File a return and claim the refund of the balance if any.

4,50,000 will be long term capital gain and will be reduced by adjusted cost called indexed cost of acquisition

sale                                                               = 4,50,000

less:- selling expenses                                  if any

less :-

Indexed cost of acquisition                           (******)

(36000*Cost inflation index of year of acquisition / cost inflation index of year of purchase)

LTCG                                                                ********

it will attract 20% tax plus 3% edu cess on tax amount

check whether your plot is under municipal jurisdiction or it is under rural area if it is so then full exemption is available to you

thank you very much