Capital gain exemption under section 54 - urgent

Dear All

 

Assessee has sold residential house property during the current financial year. Assessee got long term capital gain. For claiming exemption under section 54, the assessee has acquired new residential house property. However, the said new property in his name and son-in-law in the ratio of 50:50.

 

Can assessee is eligible benefit of exemption under section 54 to the extent of his proportion i..e, 50%.

 

Please give any one reply as soon as possible.