Ltcg on property

sahil (MBA) (32 Points)

26 October 2013  

i purchased a residential house for 70 lakhs in 2001 , and i want to sell it now , 

 

i am gettin 4 crores for it  , to get exempt from LTCG tax do i have to invest the entire sale consideration or only upto the capital gain amout in another property?

do we take actual value or sale deed value for the purpose?

 

i want to buy new house worth 2 crores and invest the rest elsewhere 

 

and can i purchase a commercial property or i have to buy a residential proper

 

and lastly can i purchase the new property in my son's name ??

 

thanks