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What are my Capital gains?

Property was purchased on 3rd Feb.1992 fer Rs. 62,175.
Sold in April 2008 for 7 lakhs.
What will be the capital gains.

The inflation index for this year will come some where in Aug.08. I am estimating it to be around 580 (It was 551 last year)

7,00,000 Property sold for
1,81,214 (62175 x 580 / 199) Cost of purchase
-------------
5,18,786 is the indexed gain
=======

1,03,757 is the tax @20% on 5,18,786
0.03,113 is the education cess @3% on 103757
------------
1,06,870 is the nex capital gains tax.

Advance Tax dates:
0,32,061 By 15-9-08.
0.32,061 by 15-12-08
0,42,748 by 15-3-09
------------
1,06,870
=======

Note: This calculations slightly changes depending on the index for this year. I estimated it as 580. It may be between 580 to 590. If the index is more than 580, then the tax will be reduced. In any case the tax will not go up than this.

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