Capital gains

This query is : Resolved

sachin (Querist)
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25 July 2012 frnds
i had sold a property in UP for Rs. 32lacs in the current year (april 2012) (circle rate/stamp duty rate is Rs. 90lacs)
the COA (indexed) is Rs. 9lacs
now the Capital Gains as per Section 50C = 81lacs Tax @ 20% 16.2lacs
(section 54 exemptions are not available)

plz suggest how to go bout, i need to build my residential house which will cost me around 60lacs
m payin 50% tax on ma Gains which ideally should be arund 4 lacs

shall i show it on FMV basis and let the AO reopens the case for me to fight against it

suggest plz.