Conversion of some immovable property in the name of the spouse.

no if the sold property is in name of only one person, capital gain liability will arise in his case. if the other property is purchased in the name of spouse, even no exemption u/s 54 can be claimed if it is long term capital asset. further, income generated on new property, if any, shall also be clubbed in the hands of original owner

yes you can use the sale proceeds of an immovable property and purchase another immovable property in name of ur wife so that LTCG will be exempted. it was the judgement given by dept in case of CIT Vs Kamal Wahal (Delhi)