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Capital gain on sale of house property

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Querist : Anonymous (Querist)
02 August 2011 A land purchased in May'2002 costing to Rs.80000/-. A residential property constructed on such land in Nov'2010 (app. 8.00 lacs) and the residential property sold in May'2011 for Rs. 14.5 lacs. Let me know the tax treatment of the capital gain during 2011-12.

02 August 2011 Consideration = 1450000

Indexed Cost of Acq.
80000* 785/447= 140492

Indexed Cost of Imp
800000* 785/711= 883263

Capial Gain =426245
(Long Term)



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