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There would be capital gain of Rs ~ Rs 13.90 lakh.
It is calculated as below:
Sale consideration -Indexed COA= (Rs 25 lakh- Rs 11.10 lakh )= 13.90 Lakh.
The indexed COA= Rs 3.5 lakh /100*317= ~Rs. 11.10 lakh.
The capital gain will be taxed at 20.8% i.e he needs to pay 20.8% on INR 13.90 lakh.
However, as the date of acquisition of flat falls prior to 1 April 2001, he has a choice to consider the Fair Market Value (FMV) of the property as on 1 April 2001 as his acquisition cost.
It is advisable to get the FMV/ valuation of the property as on 01.04.2001 done from the registered valuer.
-He can invest the capital gains of up to Rs 50 lakhs in bonds of NHAI or REC, within six months of its accrual and get the exemption u/s 54EC.
Such bonds shall be redeemable after 5 years. Only interest received on such bonds shall be taxable. There would be no taxes on redemption after 5 years
We may assist you in capital gain tax calculation and entire procedure.
It is advisable to take a phone consultation for detailed discussion.