I have got long term capital gain of about Rs 30 lacs from sale of my residential flat. I have another house in Mumbai as my permanent residence. To offset I.Tax on this LT gain,
a) Can I buy commmercial premises - shop /office /farm house / garage / industrial gala from LT gain?
b) Can I invest the gain in another residential property with my wife as 1st holder and myself as 2nd holder?
c) Can I invest the gain to buy residential property abroad for or with my son?
Your guidance will be very helpful. Please mention your e-mail and ph. no. with your advise. Thanks.