long term capital gain

I was alloted a plinth level house for Rs.7.00 lac on Aug 2007
I constrated a bound wall for Rs about 50000/
now I want to sell this for Rs 43.00 lac
what is ltt liability?
and how I can reduce this liability
please guide me

Dear Mr Shah You will get indexation benefit on the cost you have incurred that is purchase cost and expenditure incurred. In your case it is 1627000. Hence your capital gain is 2670000 which is taxable at the rate of 20%. You can save this tax by investing in other residential property or in NHAI bonds for which seperate time limit has been specified

Thanks sir
please advise me the time limit for investment in property