Exemption under sec 54

no deductions u/s 54. because land is not owned by the father.

Yes, assessee is eligible for exemption u/s.54, if he constructs a house on his son’s plot. The assessee will get the exemption in respect of the funds utilized for the construction of a house. He need not be an owner the plot on which house is to be constructed.

You must aquire the house in your own name for getting exemption u/s 54. If transferred asset before completion of 3 yrs period from date of acquisition then Exemption will be withdrawn.