Capital gain tax for joint property

Capital Gain Tax for Joint Property...

Greetings ...

I am planning to sell the self occupied flat (Purchased in 2004) purchased by me and it is a joint property with my wife. I am the assesse of this property and the IT exemption claimed on the Home loan Interest by me.

Option 1: Now, we want to purchase two flats one in my name and other in my wife's name. How will be the capital gain Tax considered in this scenario?

Option 2: We would like to a house, purchasing a land. (Two portion / flats, one in my name and other in my wife's name). How will be the capital gain Tax considered in this scenario?

Would like to know the possibilities available to reduce the Capital Gain Tax. Kindly advise...