Long term capital gain - joint property

Dear Sir,

Please Help on following query relating to Long Term Capital Gain - Joint Property.

Property purchased and registered on joint name i.e. Mother & Son, but completely funded by Son in year 2003.

Property sold in year 2010 with (for example) Rs. 100 capital gain.

Q1. Will son or both mother and son have to show capital gain in the IT return considering the fact only son funded the proprty purchase?

Q2. In case both have to show 50% each of capital gain, can they re-invest independently in sperate properties for tax saving?

Thanks in anticipation!