Sec. 54F Deduction

1. Sec 54F contemplates a condition that an assessee should have not more than one residential house property at the time of claiming exemption u/s 54F. 
2. In your first case purchase of a residential property will be allowed as deduction u/s 54F since this is your first residential house property. After 2 years you both still will be holding one residential property and hence again sec 54F can be used for claiming an exemption on the sale of land. 
3. It will be allowed to claim exemption u/s 54F on sale of another land after 2 years. 
Please correct me if the above solution has an alternative view.