Tax

taking FMV of the plot same as 20000/- on 01.04.2001, indexed cost comes to 84000/- in FY 2018-19.

So, Rs. 5,40,000/- long term capital gain

Less 2,50,000/- as basic exemption ...

tax on 2,90,000/- at 20% will be 58000/- plus 4% cess.

Slight correction ,,,, It is assumed that FMV as on 01.04.2001 is 30,000/- and sell value exactly 6.00 lakhs, with no other expenses.

The indexed cost as it is comes to 56000/- so taking roughly as 60K; the LTCG was 5,40,000/-

As it is indexed cost (20K) .... will be 56,000/-

But with appreciation of (30K as on 1.4.2001) ... it was assumed to be 84000/- ...

Thanks.

I have to thank you for your prompt response. Thanks again.

The long term capital gain tax of Rs.58000/- odd in this case, can we save it by investing in instruments under 80C.

Thank you sir for your response. I also had the same doubt. 

whether this tax of Rs.58000/- plus cess can be saved by investing under instruments covered under section 80C of IT Act ?