Capital gains

An NRI (male) had purchased property in FY 2005-06 for 60 Lakhs. He has sold the said property for 5 crores. In 2010 he bought a new property for which agreement is executed on Jan 2012 for 6 crores. Till date he has paid 3 crores out of which 1 crore was paid in calendar year 2012. The posession of the same is to be received in December 2015. The balance payment of 3 crores is to be paid within next 2 years. So whether deduction deduction u/s 54 will come ? Also please let me know when can be he considered as the actual owner - when he gets the possession or when the agreement is executed.

The CG for the property sold comes around Rs. 3,97,14,286/- [ Sales consideration - 5 crores, Acquisition value - 60 lakhs, ICOA - 1,02,85,714 ]

The NRI also has 5 other properties in India.