The amount for capital gain tax will be calculated above the 48.75lakhs profit amount. So only 37.5 lakhs amount that also depends upon Index calculated it will be not more than 20% on it for capital gain tax.

As per Index inflation current rate of your property comes to 73,36,875.00 (73 lakhs 36 thousand and 8 hundred and 75 only). You are selling your property for 75 lakhs, so you have to pay capital gain tax 20% on 1,63,125.00 ( One lakh Sixty Three Thousand one hundred and twenty five only).

The taxable amount will be Rs.32,625.00 (Thirty two thousand six hundred and twenty five only) so you can buy the NABARD bonds and any other bonds which are exempted by TAX authority for tax saving of 20% as well.

- 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 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.

- Further, as per Section 194IA of Income Tax Act, A buyer has to deduct tax at the rate of 1% of the sale consideration, if the value of the transaction is Rs 50 lakhs or more.

- Hence, the buyer has to deduct TDS at 1% of the total sale consideration , and not seller. 

- Further, No TDS is required to be deducted if sale consideration is less than Rs 50 lakhs, hence tax will be calculated on Rs.37.5.

a. In case of long-term capital gain, capital gain = final sale price – (transfer cost + indexed acquisition cost + indexed house improvement cost).

Indexed cost of acquisition = cost of acquisition x cost inflation index of the year of transfer/cost inflation index of the year of acquisition.

Indexed cost of improvement = cost of improvement x cost inflation index of the year of transfer/cost inflation index of the year of improvement.

b.  Section 54 of income tax act gives relief to a taxpayer who sells his residential house and from the sale proceeds he acquires another residential house.

Following conditions should be satisfied to claim the benefit of section 54.

The benefit of section 54 is available only to an individual or HUF.
The asset transferred should be a long-term capital asset, being a residential house
property.
Within a period of one year before or two years after the date of transfer of old
house, the taxpayer should acquire another residential house or should construct a
residential house within a period of three years from the date of transfer of the old
house. In case of compulsory acquisition the period of acquisition or construction
will be determined from the date of receipt of compensation (whether original or
additional).

With effect from Assessment Year 2020-21, the Finance Act, 2019 has amended Section 54 to extend the benefit of exemption in respect of investment made in two residential house properties. The exemption for investment made, by way of purchase or construction, in two residential house properties shall be available if the amount of longterm capital gains does not exceed Rs. 2 crores. If assessee exercises this option, he shall not be entitled to exercise this option again for the same or any other assessment year.

2. No TDS is required to be deducted if sale consideration is less than Rs 50 lakhs. If the payment is made by instalments, then TDS has to be deducted on each instalment paid.

TDS is to be paid on the entire sale amount. For example, if you have bought a house at Rs 55lakh, you have to pay TDS on Rs 55 lakh and not on Rs 5 lakh (i.e. Rs 55 lakh – Rs 50 lakh). This is applicable even when there is more than 1 buyer or seller.