Income Tax Query. Capital gain & section 54

In case the assessee has purchased a flat. Full consideration for flat has been paid by assessee only , however on sale deed assessee included his wife name also as purchaser no. 2 & the property is jointly held by them as per deed. Now if the assessee is selling a property then capital gain is chargeable equally in the hands of husband & wife OR full capital gain will taxable in the hands of husband only since the wife contribution is nil at the time of acquisition ?
2nd Query is
From FY 2019 20 incase the capital gain is upto 2 crore rupees then exemption us 54 can be claim for 2 properties. But this exemption only once in a lifetime. It means if I take this exemption now for 2 properties then suppose after 5 years can I take exemption us 54 for one property or no more exemption us 54 in lifetime ?

Capital Gains Taxation for Jointly Held Property -

*Taxation of Capital Gains*: In the case of jointly held property, capital gains are taxable in the hands of co-owners in proportion to their share in the property. Since the property is jointly held by the husband and wife, the capital gains will be taxable equally in their hands, regardless of who paid the consideration. -

*No Direct Link to Contribution*: The tax authorities consider the ownership as per the sale deed, and the proportion of capital gains taxable in the hands of each co-owner is determined based on their share in the property. Exemption under Section 54 -

*Exemption Limit*: From FY 2019-20, the exemption under Section 54 is available for investment in up to two residential properties, subject to a maximum investment of ₹2 crores. -

*One-Time Exemption: The exemption under Section 54 for investment in two properties is a one-time benefit. If you claim this exemption for two properties now, you will not be eligible to claim this exemption again for another property in the future [2][3]. Key Points to Consider -

Proportionate Taxation*: Ensure that the capital gains are reported and taxed proportionately in the hands of both co-owners. -

*Documentation*: Maintain proper documentation of the payment of consideration and the ownership of the property to avoid any disputes or issues with the tax authorities. -

*Section 54 Exemption*: Carefully consider the one-time exemption limit and plan your investments accordingly to maximize the benefits under Section 54 [5].