Capital gains - sec 54 exemption

Hi,

I have purchased a house, which I need to register now.  To help me, my father has sold one of his house and gave almost 40% of his sales proceeds.  Now please let me know how I can plan to avail capital gain exemption. should I register it along with my father as a co-owner or can I consider the house that is sold as a gift to me by executing a gift deed.

Please reply asap.

Thanks!!

Bhargavi.