Please Answer This Question

by Megha Khatri
(Jodhpur, Rajasthan, India)

mr. sudesh sold his house on 1st may 2009 for rs. 1200000. this house was purchased by his father in 1960 for 50000. mr. sudesh got this house in inheritance on the death of his father in 1977-78. on 01.04.1981 fair market value of this house was rs 150000. on 1st december, 2009 he purchased another house for rs 250000. for the assessment year 2011-12 calculate his capital gains.

please provide me the solution of this question with thw working note.

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Mar 27, 2012
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LTCG
by: Anonymous

A sold his House on 1st May 2009 for Rs.1200000/-. This House was purchased by his father in 1960 for Rs.50000/-.

A got this house in inheritance on the death of his father in 1977-78 on 01.04.1981 fair market value of this House was Rs.150000/-. On 1st Dec. 2009 he Purchase another house for Rs.250000/-.

For the assessment year 2011-12 calculate his Capital Gain.

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