capital gains tax on property

Dear Sir,

This house will be long term capital asset for you as you have retained it for period more than 36 months. As per Sec 54 of Income tax Act 1961, you sell house and invest amount of capital gain for purchase of new house within 2 year after or 1 year before date of sale or construct new house within 3 years after sale, such capital gain will be exempted.

In case you are not able to invest amount of capital gain for purchase of new house, you can deposit such amount in capital gain a/c scheeme of bank. For details study Sec 54.

Regards

I bot a 20 year old house in 1980 for Rs.70k subsequently I renovated the house and added first floor in two three instalments (after 1992) at a cost of 15 lakhs. Now I wanted to sell the house for price of rs.80 lacs. In the above can you calrify the following:

1. what will be capital gain tax payable by me and how is it worked out.
2. To avoid capital gain tax what should I do
3. After paying capital gain tax can the money be repatriated to my son who is a NRI
4. If partially I use the sale proceeds to buy a new property how is it treated
5. Can you please clarify