No. If the sons are dependent and are not earning income/ filing return individually then may be under Clubbing provisions.
It is necessary and obligatory to have investment made in residential house in the name of the transferor only and not in name of any other person. However, if the property is registered in the name of the spouse for the purpose of security etc, the assessee would be the deemed owner of the property and exemption is available in such a case.
Considering the above, exemption u/s 54 may not be available in this case.
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