54f exemption

It is necessary and obligatory to have investment made in residential house in the name of transferor only and not in the name of any other person - [ case law ]

sec. 54f exemption will not be available to him because the basic condition for exemption in this sec. is that the assessee should not own more than one house other than the new house purchased. in your case, the person already owns two hoises therefore he cannot claim 54f exemption on third property.