Exemption u/s.54 by purchasing flat in name of wife

Poornima Y (CA) (94 Points)

24 March 2011  

A person sold a property and to avail exemption under section 54, he has to purchase/construct another property. he has already entered into agreement  for purchase of a flat in the name of his wife. can exemption be availed by him u/s.54 treating this as an investment in property??