NO

But as per case Law in ITAT in 2013 it gives benefit of Section 54 B

In that case only transfer was delayed, not sale agreement.

The new land was purchased from the money received from the sale (agreement) of the old property, but the sale deed was executed after the purchase of new land, hence it was allowed.

[Asstt. CIT Vs Dr. S. Balasundaram (ITAT Chennai); 

Appeal Number : ITA No. 1832/Mds/2012

Date of Judgement/Order : 27/05/2013

In Our Case also we purchased the land from sale proceeds of originally land sold.

So can we claim it

Case requires to be studied in details before any opinion......  Advised to contact professional.