capital gains exemption Sec 54F

[joseph david]

Mr X and Mrs X(husband and wife) are holding shares in a company(unlisted)  from 1980 onwards. The company is having only house property. They are holding alongwith other shareholders. They have invested 1 lac and 2 lac respectively in the company.

Because of appreciation in the real estate prices they are selling their shares to 1 crore and 2 crores respectively to other share holders.

Mr x is not having any residential house and Mrs X is having one residential house

Query:

a)This is a long term capital gain whether X has to pay capital gains tax on 99 lac and Mrx has to pay capital gains tax on 198 lacs at 20%

b)With the consideration Mr x and  Mrs x wants to buy property jointly only one flat -Can they claim 54F deduction

c)till the  purchase the amount has to be deposited in capital gains accounts scheme in a bank? Is it necessary to keep separately in the bank

Pl advice

Joseph David