Capital gains on sale of 2 properties to buy a single one.

yes both of you can claim deduction under section 54

yes can claim deduction

yes both can claim exemption u/s54 as follows:
for fathers property: capital gain arise from property is less 50persentage cost of new property then, full amount of cg allowed, otherwise up to the 50persentage cost of new property allowed as exemption, and the rest of excess cg taxable,
same treatment applicable to son property

Section 54 does not say anything on Joint ownership of Property so what is the basis for claiming Long Term Capital Gains Tax exemption for both Father and Son?

 

you need to draw up a formal agreement on a stamp paper between you to by defining both of your shares in the property by mutual understanding and get it notarized. this will serve as a basis of your both ownership in the property and yu can produce the same before tax authorities.
You can also mention your shares in the registered document (sale deed)

If We sell one property in 2018-19 for 50 Lakhs and another one for 50 Lakhs in 2019-20 and Invest in one property of Rs. 2 Crores. Can We take Exemption u/s 54 for both years.