X had purchased an agriculture land in an urban area for Rs8,50,000 on 2009 [FMV on is Rs 36 lacs]. The land was being used for agriculture purposes by him. The land is sold by him on 2010, for Rs32,00,000. he purchased a new agriculture land in rural area on 2011 for Rs25lacs, and deposit Rs10Lacs before before the due date in the capital gains account scheme for the purpose. He also purchases jewellery worth Rs2lacs on 2011. Compute the taxable capital gains for the relevant assessment year.what will be short term capital gain the return .
