Capital gain on sale of joint property

since property is sold and capital gains arised such CG shall be taxable in hands of both L and equally. As N is willing to use such gains for construction of house, his capital gains shall be exempt if cost of construction of new house is more than capital gains n the house should be constructed within 3 yrs from the date of transfer
Incase of L if she invests CG in shares she cannot claim exemption. instead she can deposit the same in capital gain account scheme n use it before completion of 2 yrs from date of transfer so that amount shall be exempted.
there is no restriction that both should purchase or construct residential unit in one floor at same premises

there's no precondition that the both the co owners should purchase or construct residential property in the same location to claim 54f deduction

Thank you Sir.  As regards L the query is not regarding investment in shares. But for reinvesting her share of the capital gain for purchase of flat in Cochin. Can she do it after sale of joint property within 2 years itself.

Thank you Sir.  As regards L the query is not regarding investment in shares. But for reinvesting her share of the capital gain for purchase of flat in Cochin. Can she do it after sale of joint property within 2 years itself.

yes she can do it..she can purchase flat

to avail deduction, the new property should be purchased within 2 years or constructed within 3 years from the date of sale

Agreed with experts response