Thank you @ryan1969manus for the reply! I am using 5.3 (5.3.2) Looks like that is the latest version for 5.3 . I work with that version cause looks like CLO/MD live link currently works with 5.3 version not 5.4. My Graphic card is RTX 3080. I also updated my graphic card through Nvidia. I tried both DirectX11 and 12. Interestingly sometimes works with 11 sometimes 12. But i am having crash issues on both.
MD/CLO Link works when i use it from CLO to Unreal but crash happens from Unreal to CLO. Out of 20 only 2 times it worked. The rest was crash or/and freeze issue.very annoying 
I have couple questions regarding your comments. You said “This could be related to graphics resources not being properly managed. Make sure to release any resources you’re no longer using” I already checked manage 3D properties in Nvidia settings and everything looks fine there but can you let me know any other way how i can check if it is properly managed?
My other question is, i already shared the crash report above . Where else i can find other crash report information? I checked Unreal program files and my project files but couldnt see there. Not sure where i can access that.
Thanks again for the help offer.