cpc

long term gain on property


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. 

 
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