Capital gain tax in joint property purchase

Yes you are heard right… you did not tell that is it STCG or LTCG well if its Long term capital gain after three years of purchase if you sell it will be capital gain………..

You have to invest entire amount in buying new house within two years of within 3 years of construction. If you could not buy house in next 6 months than you have to deposit this LTCG in any nationalized bank under capital gain scheme. Or any rest amount remaining after investing in buying new house it will be taxable. Nowhere mention is that house have to be in a single owner name to avoid tax….

I agree with Pankaj excepting one point. As far I think if Your father is owner of 50% of the new property then only 50% of the cost will be eligible for exemption