Exemption U/s 54F

Yes it can be claimed as deduction under section 54f subject to certain conditions

To get 100% capital gain tax deduction you are required to invest as per 54F conditions the entire consideration.

But till the time you re-invest, you have transfer funds to a seperate Captial Gains Accounts Scheme with approved bank on or before due date of filing ITR.

There are many case laws and high court judgements on this matter (you may google it) where it has been held that Even if you've not received the possession and Substantial construction work has been completed within 3 years (e.g. say plastering, coloring, furniture etc. is pending) you're said to have invested your capital gains in construction work and you can avail 3years deadline and you're eligible for exemption u/s 54 or 54F on fulfillment of other conditions of the said sections..