Its calculated on Index base for long term capital gain.

Your tax income will be 433500/- After deducting CII rate.

1) you only have to invest the capital gains amount to save LTCG tax.

2)You have two years from the day of selling your old property to buy or construct a new property to be eligible for the tax exemption. Moreover, you will be eligible to claim tax exemption under section 54F even if you buy a property up to one year prior to selling your old property.

3)In this case, you can declare the capital gains amount that you have used to buy the property as re-investment of capital gains. If you use the capital gains amount for the construction of new property, you may get some extended time. "If the new house is under construction, the construction should be completed within three years from such sale,"

4) If one wants to use the sale proceeds after a while, they should deposit the amount in Capital Gain Account Scheme (CGAS). The amount has to be deposited under a CGAS before the due date of filing income tax return for the year in which the sale took place,"

After 2 years it will be

Current Long Term Capital Gains tax rate is 20% You are allowed to adjust your sale consideration for any brokerage, commission you had paid at the time of property sale. You are allowed to deduct any expenditure on construction and home improvement incurred during the period you held/owned the asset.

Capital gains are calculated differently for assets held for a longer period and for those held over a shorter period.

The consideration received or to be received by the seller as a result of transfer of his capital assets. Capital gains are chargeable to tax in the year of transfer, even if no consideration has been received.

How to Calculate Long-Term Capital Gains?

Step 1: Start with the full value of consideration

Step 2: Deduct the following:

• Expenditure incurred wholly and exclusively in connection with such transfer
• Indexed cost of acquisition
• Indexed cost of improvement

Step 3: From this resulting number, deduct exemptions provided under sections 54, 54EC, 54F, and 54B

Capital gains exemption under Section 54:
Assessees can get an exemption from long term capital gains from the sale of house property by investing in up to two house properties against the earlier provision of one house property with same conditions.

Conditions for availing this benefit

1. The new property can be purchased either 1 year before the sale or 2 years after the sale of the property.

2. The gains can also be invested in the construction of a property, but construction must be completed within three years from the date of sale.

Please note that this exemption can be taken back if this new property is sold within 3 years of its purchase/completion of construction.

Exemption is available under Section 54EC when capital gains from sale of the first property are reinvested into specific bonds.

Finding a suitable seller, arranging the requisite funds and getting the paperwork in place for a new property is one time-consuming process. Fortunately, the Income Tax Department agrees with these limitations.

If capital gains have not been invested until the date of filing of return (usually 31 July) of the financial year in which the property is sold, the gains can be deposited in a PSU bank or other banks as per the Capital Gains Account Scheme, 1988. This deposit can then be claimed as an exemption from capital gains, and no tax has to be paid on it. However, if the money is not invested, the deposit shall be treated as short-term capital gains in the year in which the specified period lapses.

If it's inherited it will not attract capital gains unless you make other income from the said property after inheritance

It would be regarded as long term capital gain as period of holding by ancestor would be taken into account 

you need open a capital gains account and deposit capital gain in said account 

This will be called as Long Term Capital Gain. And the amount will be not taxable if they invest in the property like real estate and NABARADS Bond. They have to make Investment of 5 lakhs rupees. 

It will come under long term capital gains tax  and the income tax shall be applicable accordingly.

The amount should be deposited in the capital gains account separately and cannot be clubbed with other accounts.

 - Under the Income Tax Act , property is regarded as a capital asset and any gains arising from its sale is taxable as Capital Gains.

- Further, if the property is held for less than three years prior to its sale, it is termed as a short-term capital asset and any gain arising from the sale is treated as a short-term capital gain.

- Further, if the property is sold after a holding period of more than three years, it is to be treated as a long-term capital asset and a gain arising from its sale is assessed as long-term capital gains

- Further as per Section 54EC of the IT Act, any capital gains arising from the transfer of a long-term capital property/asset would be exempt if the gains are invested within a period of six months in specified investments, and these investments are three-year bonds of National Highway Authority of India (NHAI) or Rural Electrification Corporation

- Further, as per Section 54EC of the IT Act, any capital gains arising from the transfer of a long-term capital asset/ property, would be exempt if the gains are invested within a period of six months in specified investments , and these investments are three-year bonds of National Highway Authority of India (NHAI) or Rural Electrification Corporation (REC). However, there is a restriction in this investment: the amount invested cannot exceed Rs 50 lakh in any financial year.

- Since, it is an ancestral property , hence it will treated as long term capital gains tax , and rule of income tax applicable as i mentioned above. 

- This amount should be deposited in the capital gains account.

Why selling at low price ?

Tax amount will be around rs 4,35,000 approx. Can purchase new house with in 2 yeas, new construction with in 3 years, purchase of govt bonds to exempt LTCG tax.

It will consider long term capital gain from date of purchase.

Tax will not deduct, you have to pay tax just like income tax and if amount not use to purchase new property, till than it will keep in LTCG account.An individual is required to invest capital gains earned from selling property in specified instruments to save tax. ... However, if this investment has not been made before filing the ITR, the assessee can deposit the capital gains in a capital gain account with a bank

you are liable to pay long-term capital gains tax of 20 per cent after indexation. So, if you make a gain of Rs 50 lakh, you may end up paying Rs 10 lakh as tax.

When the inheritor or the receiver of property sells it, capital gains on the sale are taxable for the inheritor. 

1. Tax applicable on capital gain is 20% on profits earned by selling property. 

2. Your relative hve to pay Capital gain tax on 45 - 1.5 lakhs that is 43.5 lakhs. 

3. If buy next property within a period of two years from date of sale of his property then he can get tax exemption on capital gains. 

4. The tax will be applicable as long term capital gain and you relative need to open a capital gain account till he purchase next property. 

You are allowed to index cost of acquisition plus cost of improvements made on the property 

2) indexation is done by multiplying property cost by cost inflation index of year in which property was sold and dividing it by CII in year in which it was purchased 

3) calculations can be done by your CA 

No it can't be shifted to CGA after words you need tk invest it in capital gain bonds 

The capital gains calculations would be based on several factors which only your CA or any other local advocate having knowledge in it can do it for you.

Exemption under section 54 can be claimed in respect of capital gains arising on transfer of capital asset, being long-term residential house property. This benefit is available only to an individual or HUF. The benefit can be claimed by purchasing or by constructing a residential house. 

If the capital gains amount could not be utilised before the deadline then it can be depositor into the capital gains account.

if the amount is not re-invested within the last date of filing of return of income. Then, the assessee is required to deposit the unutilized amount into the capital gain deposit account scheme. The unutilized amount deposited into the account can be used for purchasing or constructing the residential house within the period of two years or three years.

If the assessee fails to utilize the amount within the specified period of two or three years, then, the unutilized amount would be treated as capital gain in the previous year in which the period expires.

in my opinion CA can only give you proper suggestion. 

CA is wrong. Tax will maximum 5 lacs and exemption under law  is available when the capital gains from property sale are reinvested into buying or constructing maximum two houses and 3 years.  Only capital is reinvested and not total amount.

Capital Gains Account in bank anytime before 31st July 2021 - You are required to deposit such unutilised capital gain in the capital gains account before furnishing return of income but not beyond the due date for furnishing return of income

To exempt capital gain tax, new properties must be purchased either one year before the sale or two years after the sale of the property. Or the new residential properties must be constructed within three years of sale of the property.