Tax Appplication will be as below

Sales Considereation                  8,00,000/-

Less Transfer exp                           ------------

Net consideration                          8,00,000/-

Less :  Indexed cost of Acquisition

(18300+5000)*785/305                59 ,969/-

Less Indexed cost of Improvement

5000*785/305                                 12, 869/-

LTCG                                               7,27,162/-

Tax on above Income  for Senior citizen age between 60-80 yrs.

0-2,50,000                                      Nil

Tax on balance Income i.e. @ 20% u/s 112B

727162-250000= 477162 * 20% =  95432

Education Cess on Tax  =   2863

Total  Tax  = 98295

U can reduce ur tax by investing Rs.477000/-  in any land or U/s 54 EC u can Invest some amount into  RECL/ NHAI Bond. 

For deduction u/s 54EC u have to take invest in net ratio of sales consideretion...