Gift deed

Father can execute a gift deed for the money funded for purchase of this property by his son.

Father cannot buy the property on behalf of his adult son and claim it as gift deed. 

It will be treated as benami transaction under prohibitions of benami transaction act.

In my opinion, a father can purchase a property in his son's name and the son will become the sole owner of the property.

Property purchased by a father on his elder son's name  is not covered under gift deed

It will attract  benami Sampati transaction .

It would not to be a "gift" but "sale" deed in the name of son and son can dispose it as he desire, including sale to father.