Tax on long term capital gains

Hello Anjana, According to me, the indexed cost of your property is coming more than 1 Crore for which I do not think that you have to pay any kind of capital gain tax. But I will advice you to hire a good financial expert and take his suggestion.

How you can calculate the indexed cost of your property?

Formula as follows: Indexed cost = original cost x (indexation rate for year of sale/indexation rate for the year of purchase)
Long term capital gains are calculated as: Capital gains = Sale price – Indexed cost

You can also check the cost inflation sheet by clicking on to link to calculate the indexed cost of your property: http://www.caalley.com/ca/cii.html

There is a well researched article written here, if you are interested you can read the article by clicking on this link: How to save capital gains tax while selling a house?