Exemption u/s 54

Yes it can be done.

Exemption u/s 54 will be allowed as nowehere in the sec it says that the property should be in the owners name 

 For the purpose of attracting the provisions of section 54, it is not necessary that the assessee should become the owner of the property purchased. The word ‘purchase’ occurring in section 54(1) has to be given its common meaning, viz., buy for a price or equivalent of price by payment in kind or adjustment towards a debt or for other monetary consideration. Therefore, for the purpose of applicability of section 54, registration of the document is not imperative Balraj v. CIT [2002]

Even assesse is the constructive owner (CIT Vs. Podar Cements (P) Ltd. & Ors.)

Thanks a lot.