Help required in computing Capital Gains

Dear Mr. Gaurav,

Can you please look at my issue and tell me what is my tax amount.

Land gifted by Dad in the year 2000 worth Rs. 3,00,000/-
constructed house in 2013 (availing Bank Loan - Rs. 19,60,000/-) Cost of construction Rs. 25,00,000/-
Sold House in 2014 for Rs. 48,00,000/-
Puchased new plot in 2014( fur future house construction) for Rs. 28,80,000/ Regn exp - 2,00,000/- Brokerage - Rs. 1,00,000/-
Cleared home loan of Rs. 18,40,000/-

Am I eligible for Tax on capital gain.
Is it compulsory to construct house in 3 years.

If Capital gain has to be deposited what is the amount

 

Indexed Cost of Acquisition = 3,00,000 * 1024/426 = 7,21,126
Indexed Cost of Improvement = 25,00,000 * 1024/939 = 27,26,304
Total Indexed Cost = 34,47,430
Sale Price = 48,00,000
Capital Gains = 13,52,570

As these capital gains have been reinvested, you can claim capital gains exemption.

However, as you have not reinvested in a house but reinvested in a plot - you would be required to do construction on this plot and build a house. Even a small 1 room build on a plot would be considered as a house.

And as you have already purchased a plot worth more than the capital gains arising - no amount is required to be deposited in the capital gains account.

 

Dear Mr. Gaurav,

Thanks for the reply.