Mr. Kanchan bought vacant land for 80 lakhs in March 2007. Registration and other expenses were 10% of the cost of land. He constructed a residential building on the said land for 100 lakhs during the financial year2008-09. He agreed to the sale of the above said residential house with Mr. Jhon (not a relative) on 9 th April 2020 and received 20 lakhs as an advance in cash on that date. The stamp duty value on that date was 740 lakhs. The actual sale consideration was, however, fixed at 700 lakhs. The sale deed was executed and registered on 10-6-2020 for the agreed consideration. However, the State stamp valuation authority had revised the values, hence, the value of the property for stamp duty purposes was 770 lakhs. Mr. Kanchan paid 1% as brokerage on sale consideration received. After the sale, Mr. Kanchan made the following investments: a. acquiredaresidentialhouseinMumbaifor110lakhs. b. acquiredaresidentialhouseinLondonfor150lakhs. c. Subscribed to NHAI bond: 45 lakhs on 29-8-2020 and 50 lakhs on 12-10-2020. Compute the income chargeable under the head Capital Gains for A.Y. 2021-22. The choice of exemption must be in the manner most beneficial to the assessee.

Cost Inflation Index: F.Y.2006-07 122

F.Y. 2008-09 137

F.Y.2020-21 301