Benefits of sec 54d

Dear Sir/Madam, Can benefits of Section 54D (Capital Gain arising out of Compulsory Acquisition of Property) be availed in-case where the capital gain amount is being gifted to anybody. Suppose Mr X. has received certain payment against compulsory acquisition of property on which capital gain has arise. Sec 54D provide certain benefits in case the capital gain amount has been utilized for specified purposes. Now Mr X. instead of investing the money under Sec 54D gifts the same to Mr Y (son of Mr. X) and Mr. Y wants to avail the benefit of Sec 54D. My query here is can Mr. Y avail the benefits of Sec 54D.