Is ltcg on property eligible to be taxed at slab rates ?

Proviso to Sec 112(1)(a)(ii) reads as under:

SEC 112(1)(a)

(ii) the amount of income- tax calculated on such long- term capital gains at the rate of twenty per cent: Provided that where the total income as reduced by such long term capital gains is below the maximum amount which is not chargeable to income- tax, then, such long- term capital gains shall be reduced by the amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to income- tax and the tax on the balance of such long- term capital gains shall be computed at the rate of twenty per cent..

In your case, out of rs. 3 lacs, 2 lasc will be expemted and balance 1 lac will be chargeable at the rate of 20%.