Long term capital gain querry

Facts of the case

In A.Y 2011-2012, Mr X is a resident individual having following incomes:

Bank interest                                              -           35,000

LTCG on sale of commercial shop      - 5, 00,000

LIC premium paid                               - 50,000

Now the questions are:

1. How much is the tax liability of Mr X and at what rates the above incomes are taxable.
2. Is deduction u/s 80 allowable for LTCG gain.
3. After availing the deduction u/s 80 can unexpired portion of income not chargeable to tax i.e 160,000 can be netted off against the LTCG.

Please support your answers with relevant sections of income tax act.

Thanks