Sec.54f

Hi

Kindly suggest as to whether sec.54F can be claimed in the following case.

A land-1 (3cents) is in the name of a person say Mr.A.Now Mr.A has decided to gift 2cents of the above said land to other family members say Mr.B and Mr.C.Mr.A .Mr.B and Mr.C decided to construct a residential house in the above said land.

Query:Mr.A,Mr.B and Mr.C have already made a long term capital gain on sale of another land-2.

Whether long term capital gain on sale of land-2 can be claimed as exemption on construction of residential house in land-1.(for Mr.A,Mr.B and Mr.C).

Refer ,if any case law relating to the above case?

  Thanks in advance.