ABC Ltd. proposes to sell one unit XYZ which was set up in 2010 (out of 10 units) and is not related to company's main line of business. Total consideration for sale of XYZ unit as a going concern by way of slump sale is

ABC Ltd. proposes to sell one unit XYZ which was set up in 2010 (out of 10 units) and is not related to company's main line of business. Total consideration for sale of XYZ unit as a going concern by way of slump sale is ₹ 3,50,000. The summarized financial position of XYZ unit as on 31st Jan., 2019 (Date of Sale) is as under: Liabilities Amount Assets Amount Paid up capital 50,000 Fixed assets 70,000 General Reserve 40,000 Debtors 40,000 Revaluation Reserve 30,000 Inventories 40,000 Current liabilities 30,000 1,50,000 1,50,000 Additional information as under: Fixed assets includes Land purchased at ₹ 5,000 in May, 2012 revalued at ₹ 50,000. For the remaining fixed assets, their written down value as per the Income-tax Act, 1961 is ₹ 10,000. Cost inflation indices are as under: FY 2012-13-200, FY 2018-19-289. Compute the capital gain arising on sale of XYZ unit of ABC Ltd.