Deduction u/s 54f of the income tax act

debmalya das (student) (34 Points)

15 March 2017  
My colleague Sold a plot of land on 10/03/2017 for Rs 18,00,000, resulting in LTCG of Rs 14,00,000. Purchased a reidential flat for Rs 10,34,000 in june 2016: 7 lakh loan from IDBI Bank, 10 Lakh from GPF and 34000 from salary. Can he claim exemption u/s 54F?