Long term capital gain/loss

As it is an Industrial Shed so assumption is that there were number of similar industrial sheds. Know the cost prevailing at the time of purchase from other occupier around the property.

However, at the outset it seems there is no capital gain in this case. During the past 20 years heavy renovation must have been done so accounting it with cost should not attract long term gain.  To be more safe and strong advise your client to re-invest a part, say Rs. one lakh, of this sale proceed of Rs. 395000/-