If you sell rental property, owned over 3 years, is the formula shown for calculating long term capital gain the same. My husband and I are being told that we will have to pay 20% or 25% on the profit of sale. For example: we make 60,000 on the sale, we have to pay 12,000 capital gains tax. Using the formula specified - cost inflation index - the amount payable is substaintally lower. Can you please advise?
