Exemption u/s 54 (capital gain)

In my view.

There is nothing in law which prohibits this, but the points below is to be considered before doing this.

1. The consideration has to be adequate (It has to be the prevailing market rate)

2.To see the implication of sale of property in the file of father. Let us wait for views of expert as well.

agree with Mr. Dhawal

sec 54 doesn't put any restriction on that

please refer

/articles/a-quick-glance-on-exemption-from-capital-gain-16450.asp#.USSlJfJ480M

I Agree with above members....!!!

Yes he can. consideration should be adequate. 

yes difinitely,
provided that there is  no unreasonable payment between son and father