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Dear Mr. Satyanveshi... Thank you very much for your very clear and detailed reply. Much appreciated.

1.   My wife and I booked an under construction flat in Sep 2015 – with first name of my wife, and myself as co-applicant.
2.   The initial amount paid to the builder was Rs 50 L. The amounts were paid as follows: 25 L from my wife's account, and 25 L from a joint account, where my name is 1st  holder, and my wife's name 2nd  holder.  The receipts for the entire amount of 50 L, from the builder, are in my wife's name. (The 25 L paid from the joint account was considered as a loan from me to her, which she has repaid to me July 16)
3.   In July 16, my wife sold a flat she owned, the CG from which works out to Rs 80 L. 
4.   Question:   

Since the CG earned by my wife should be reinvested in residential property, would it be correct to treat 50 L, as having already been invested, and only the remaining 30 L still to be invested before July 18?
Or would the IT authorities treat only 25 L as having been invested by my wife, leaving a balance of 55 L still to be put in, in order to avail of the CG exemption available? 
(A related point is, in a joint account of a husband and wife, does the money belong only to the 1st holder of the account, or does the 2nd holder also own this?).

Appreciate your advise, as based on this we would need to take a decision about how much money to deposit in the CG account.     

My son is planning to buy a house by availing of a Bank Loan, but will still fall short of about Rs 30 lacs. My question is if I gift him this amount what will be the tax implications? Would this be treated as Income in his hands, or would it be treated as a taxable Gift in his hands? What would be the most tax effective way for me to give my son this amount and to ensure that I follow the correct procedure?

When an order raised under Sec 143(3) is appealed against, as provided under Sec 246, is it necessary that 50% of the disputed amount has to be paid on demand, before the Appeal is considered? 

Is there a prescribed time limit for which an individual needs to maintain financial reccords and tax data for previous years? Can a query be raised for a period beyond such a time limit? Reason for the question is that recently I received an intimation from CPC, Bangalore raising a demand for the AY 2001-02, for a relatively small amount of Rs 2000 odd - with no other details provided. I don't believe I have any documents for the period to contest the claim, but wish to know if there is a time limit after which claims and/ or questions cannot be raised, and documents etc can be destroyed.

Thank you so much for your excellent advise, Mr Satyanveshi and Mr Asutosh Majumdar. Most gratefully acknowledged and appreciated. I'll wait for the Final Assessment Order and then take action accordingly. 

The CG amount from sale of a residential flat was deposited in the CG A/c of SBI, and another under-construction flat was booked to be purchased from this amount. After two instalments were paid from this Account, the property went into litigation, which went up to the Supreme Court, and was eventually ruled in the Builder's favour. However, as a result of this, the construction was delayed, and took over 4 years (as against the 3 years specified under Sec 54F).The bulk of the payments from the CG account were made after the expiry of the 3 year period.
However,  (a) the funds have been put in the CG A/c, the intent has clearly been to use the funds purely for a residential property, as specified under the Act ;(b) The CG A/c has been opened within the time frame specified; (c) The Funds in the CG A/c have not (and cannot) be used for any other purpose; (d) The Agreement has been duly Registered – within the 3 year period; (e) Most important, the construction delay has been on account of factors totally beyond the control of the purchasers. All this should imply that the intent of the Legislature has been fully met.
Would these amounts still be disallowed exemption from CG Tax?  Would there be any sense in appealing the decision assuming it would be unfavourable?