Section 54F exemption available even if investment made in joint name with wife

The assessee was owner of the property standing in his name which was sold; qua capital gain exemption u/s 54f was claimed by the assessee as the sale proceeds of the property were utilized for purchasing another house in the name of assessee and his wife. Wife did not contribute any amount towards purchase. Thus new house was purchased by the assessee. The entire purchase amount was sourced by the assessee from the sale of house property. Rental income from the sold property was earlier offered in the hands of the assessee. Assessing Officer was of the view that exemption u/s 54 was allowable...