Where the assessee sells his residential property and reinvests the sale proceeds in purchasing another property which is registered under their parents’ name, but such investment is actually made by the assessee from his own bank account and subsequently, the property is gifted to the taxpayer by their parents, the assessee is held to be eligible for a deduction under section 54 of the Income Tax Act by invoking rule of purposive construction. (AY. 2016 -17)