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Sec.54f

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(Querist)
26 January 2016 Hi.
Kindly suggest whether sec.54F can be claimed in the following case.

A land-1 (3 cents) is in the name of Mr.A.Now Mr.A has decided to gift 2 cents of the above said land to other family members say Mr.B and Mr.C. Mr.A Mr.B and Mr.C decided to construct a residential house in the said land-1.

Query:Mr.A,Mr.B and Mr.C have already made a long term capital on sale of another land
(Land-2).

Whether long term capital on sale of land-2 can be claimed as exemption on construction of residential house on Land-1.(for Mr.A,Mr.B and Mr.C).
Refer,if any case laws in support of the above exption claim.
Thanks in advance.
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CA CMA CS Ram Pavan Kumar Melam

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CA CMA CS Ram Pavan Kumar Melam (Expert)
26 January 2016 On construction of a new house section 54F deduction will be available subject to conditions mentioned u/s 54F(1)(a) and first proviso.

Such gift attracts other income in the hands of Mr. B and Mr. C
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