my question is this:
i have sold a commercial property (office space) in february 2012. There is a capital gain of approx. rs. 15 lakh. this is after indexation and it is a long term capital gain.
I want to find out the following:
1. to offset the capital gain tax, i need to buy another commercial property worth Rs. 15 lakh or can i invest in a residential plot scheme and purchase a plot for Rs. 15 lakh??
2. If i invest in a residential plot, are there any special conditions that i must follow, in order to make it a qualified investment against the capital gain from the commercial property.
i have been given unsatisfactory advice in this regard... if any one can tell me what is the exact law and requirement for offsetting capital gain tax in reference to sale of commercial property, i will greatly appreciate it...