Yes the income from the sale would be considered as long term capital gains. The long term gopal gains are calculated by
deduction of Indexed Cost of Acquisition/Indexed Cost of Improvements from the sale price. Indexation is done by applying CII (cost inflation index). This increases your cost base (and lowers your gains) since the purchase price is adjusted for the impact of inflation.
Also if after calculation with inflation if there are no gains or loss is there you are not liable for any capital gain tax.
Otherwise if there Are gains you can use Exemption of tax under 54F Income tax act-
If you are using your entire sale proceeds to buy a house property you may end up paying no tax on your gains when – You satisfy all these conditions
(a) You purchase ONE house within 1 yr before the date of transfer or 2 yrs after or construct ONE house within 3 yrs after the date of transfer.
(b) You do not sell this house within 3 yrs of purchase or construction
(c) This new house purchased or constructed must be situated in India
(d) You should not own more than 1 residential house (other than the new one) on the date of transfer
(e) You do not purchase within a period of 2 yrs after such date or construct within a period of 3 years after such date any residential house (other than the new one).
Also other ways are by putting it into capital gain scheme account you are allowed to deposit your gains in a PSU bank or other banks as per the Capital Gains Account Scheme, 1988. And in your return claim this as an exemption from your capital gains, you don’t have to pay tax on it.
Or you can purchase capital gains bonds.
I have calculated the capital gain if you sale in 15 lakh than capital gain would be around 4.50 thousand in your case.