Held that the assessee purchased new residential property jointly with his wife and both the co-owners having filed affidavit confirming that the investment was made in the ratio of 2:1, assessee’s claim for exemption under s. 54 is acceptable in principle, subject to verification of the actual contributions made by the assessee and his wife towards the new property. Tribunal also held that assessee claimed to have incurred expenditure in cash and having produced documentary evidence in the form of contractor bills and work details, the claim for the indexed cost of improvement of the old property is allowable to the assessee in the computation of capital gains arising from the sale of the said property. (AY.2012-13)