A house property held for more than 24 months will qualify as a long term capital asset. The resultant gain / loss out of said property will be taxable as a long-term capital gain/loss. 

The house cost price is adjusted for inflation and indexed cost of acquisition is calculated. Using the indexed cost of acquisition formula, the net capital gain/loss is calculated.

The gain/loss is calculated as the difference between the net sale consideration (actual sale consideration less brokerage and incidental expenses) and the indexed cost of acquisition. The long term gains are taxed at 20%.

Above is for only information purposes. Always consult your tax lawyer for latest tax policy, before you transact.