Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owned land.

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....Section 54 relief for construction of a new residential house depends materially on completion within the statutory three-year period after transfer of the original asset; construction commencing before that transfer does not by itself prevent relief. Valuation-supported construction expenditure, separately identifiable from land cost, qualifies for deduction where timely completion is established. Land may form part of a new residential house investment only if its acquisition and construction satisfy the prescribed conditions. A plot acquired outside the applicable period and registered in the spouse's name is excluded, and a later settlement in favour of the assessee does not establish entitlement for the relevant year. Relief is therefore confined to eligible construction cost.....