Co owner capital gain tax benifit

Hi,

One of Client has sold his house property owned by him self in 2011. And buys another property in 2011 only with his son  as joint owner.

Now the query is if client is co - owner in the porporty with 25% holding and his son will be 75% so the amount investsted by client wil get tax exemption from capital gain or not?

-Mahendra