Capital Gains Tax

Hello,

Myself and my father jointly purchased a site @  5 lakhs in Oct 2002. We have sold this propery @  42 Lakhs in this month (Mar 2011). I would like to know can i purchase a House in next month ( not planned to make this joint with my father).

Can i claim for entire amount as capital gain exemption if my father is ready to transfer his 50% share of sold property amount to my name. I am purchasing a property which is more than the sold price mentioned above

Thanks for your help