Capital Gain Tax on Residential Property

Is your filing of return for F.Y 2018-19, in which you sold residential property is pending??

Filing for F.Y. 2018-19 was done on time.

Sir, Property is sold in F.Y 2018-19, so u have to offer capital gain income in return of F.Y 2018-19, which you have already filed.
If income not offered than you have to revised your return and offer that income.

Note : You can save tax by investing in new residential property subject to conditions

Capital gain already shown in the return filed for F.Y. 2018-19. I am aware that I have 2 years to re-invest in a ready-to-move property and 1 additional year if the property is under-construction.

I need to know if I can purchase a property in joint ownership with another person and still save capital gains tax.

Sir, I thinks you are also aware about this also,
"If the new asset is not acquired up to the date of submission of return of income, then the tax payers will have to deposit money in “Capital Gain Deposit scheme” with a nationalized bank."

You can Purchase residential property in joint name with relative and still save tax by taking exemption. But it's debatable issues
Like full consideration paid by you, you just make your wife or relatives as joint owner than you can very well take exemption, but in other it's subject to judgement/litigation case to case basis.

Purchase of property with other than relative is not allowed.

You need to declare the Capital Gain in ITR for FY/PY 2018-19. If you are unable to buy the property immediately after sale, then the entire amount can be saved from LTCG by depositing the amount in Capital Gain Deposit Account.

The money is currently parked in capital account scheme with a nationalised bank. Is there any particular section under IT that says joint investment cannot be done with a non-relative? Or any section that clarifies the rules about joint investment? In case of relatives, is it only limited to blood relation or can I invest jointly with extended family relatives as well?

Under section 54 of income tax act, 1961 it's only mentioned that " assessee has..............purchased, or has.......... constructed,"
There is no clarification regarding joint ownership.
but as per the ruling/judgement given by CIT, ITAT ,high court in various cases property in joint name with wife or relatives was allowed as deduction but there is no ruling regarding joint ownership with non relative in my view.

Understood. Thanks for your reply and time.

You are welcome, sir