Capital gain tax

N Krishna (Querist) 18 August 2017 This query is : Open
Few years back, i sold a land and bought an apartment using the capital gain amount to save tax under sec 54F. Now, after 3 years, i want to sell the apartment. For capital gain calculation, what is the base amount considered ?

land was bought for Rs 78000/- in 2003
land sold for 25 lakhs in 2012
Apartment bought for 25 lakhs in 2013
Apartment being sold for 32 lakhs now

Is the capital gain calculated as 7 lakhs (32 - 25) ? or
is it ~31 lakhs (32 lakhs - 78000) ?

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