Long term capital gain on sale of land

(1).       My Client had purchased Land by making payment thru Pvt Ltd Co in 2008 where he and his wife were Directors. (2).       In 2011 the said Pvt Ltd nominated the names of his family i.e. himself, wife, 2 sons and HUF and the Land was registered in their names by way 5 separate Deeds. (3). Now they want to sell this Land. (4). Will they be able to claim Long Term Capital Gain in their respective personal files since the payment was made in 2008 thru the Pvt Ltd Co.  (5). Will they also be able to claim exemption if all or some of them invest the sale proceeds to purchase one or more residential flat/s in their joint names?