LTCG tax for transfer of lease hold land

Will I get answer for a question on long term capital gain tax for sale of land in this forum?

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Quick Summary
This discussion addresses calculating Long Term Capital Gains (LTCG) tax on the sale of leasehold land. The user purchased leasehold land in 2003-04 and is now looking to sell it at a profit. The calculation will treat the 'rights in the property' as the asset sold, incorporating indexation benefits and the development authority's permission fees.

Yes, Where is the question?

A piece of land measuring about 4 Kottah was purchased in FY 2003-04 from Siliguri-Jalpaiguri development authority under Govt of West Bengal at a price of Rs. X only.

It is a lease hold land. Development authority is the owner.

No construction was made and the land is lying vacant ever since.

Now, a business man  of that area is showing interest to buy the land. It will be transfer of lease with permission of the development authority who will charge a fee of Rs.1 Lakh per Kottah for permission.

The prospective buyer has offered Rs. Y>>X

What will be LTCG after taking into account indexation?

Let me know the formula to be applied.

The calculation will be in similar fashion, as in any other long-term assets sold.

Here the asset sold will be 'Rights in a Property.' 

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