R purchased a house property for Rs. 26,000 on 10-5-1962. He gets the first floor of the house constructed in
1967-68 by spending Rs. 40,000. He died on 12-9-1978. The property is transferred to Mrs. R by his will. Mrs.
R spends Rs. 30,000 and Rs. 26,700 during 1979-80 and 1985-86 respectively for renewals/reconstruction of the property. Mrs. R sells the house property for Rs. 11,50,000 on 15-3-2007, brokerage paid by Mrs. R is Rs.
11,500. The fair market value of the house on 1-4-1981 was Rs. 1,60,000. Find out the amount of capital gain chargeable to tax for the assessment year 2007-08.