Before 3 years, you can not gift this proerty.In your case, for the purpose of computing capital gain on such transfer, cost of acquisition of new house property shall be reduced by the amount of capital gain exempt under this section (u/s 54) and such capital gain will always be short term capital gain.

Gift is considered as transfer u/s 2(47).Accordingly Capital gain would arise in case of transfer.

Gift will be a transfer for the purpose of section 2(42A) and Section 54F and section 54F prohibits a transfer for a period of  3 years. Therefore gift is a transfer.

Sir

U/s 47(iii) para no. 62.2 point no.c ( Certain transaction not included in transfer )  In Direct Tax Ready Reckoner( writer Dr. Vinod kumar Singhania) book Page No. A-144 & page no. A-200 , Gift is not covered in the transfer.

As explianed earlier, gift is considered transfer u/s 2(47). That is why section 47 was inserted to exempt transfer in the hands of Donor. Transfer u/s 45 does not apply to transfer u/s 2(42A) and transfer u/s 54. Section 54F specifically states that the assets can not be transfer within a period of 3 years. Therefore property gifted would be treated as transfer u/s this section and accordingly be taxable.