Deduction u/s 54

Suppose 

A = Assessee(Father), B= grand Father,  C = yonger Son, D=elder son

Assessee(A) having Resi House Prop. which he has got ancestrol from his Father(B). Sold the same property & purchased new property in the name of  Son(C). ( earlier one ancestrol peoperty already tranfered by grand father(B) to assessee's(A's) Elder son(D).  so Assessee(A) for safegurding interest of other son(C)  , assessee(A) has purchased new house in the name of second son(C)

Whether deduction u/s 54 is available to assessee(A) ????