Income tax to be paid on flat purchased by nre income

You have to Pay Long term Capital Gains, under Income Tax Act

Refer the "Section Analysis" part of this page, Which explains in details how to Calculate , Long term Capital Gains

Link:https://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-48

YOUR QUERY:I am selling my seven years old flat which I bought thro' NRE income.

                        value of flat is nearly 50 Lakhs, how much I pay as income tax, or 

                       Please guide me to handle the income tax part..

REPLY: Are you still an NRI, a non-Resident?

AS YOU OWNED THE FLAT FOR MORE THAN 36 months,it is a Long Term Capital Asset. You have to pay tax on the Long Term Capital gains.

If you can prove that you had acquired/purchased it with convertible foreign exchange, as required in section 115C(b) of the Income tax Act 1961, you need pay tax at the rate of 10% only (without any Basic Exemption) as prescribed in Section 115E. Otherwise you will pay income tax at 20% as prescribed in section 112.