If the LTCG is being invested in two houses, then such an exemption is available only once in a life time and there too there's a limit of Rs 2Cr of LTCG. In all other cases, the exemption limit is 10 Cr and no limit on number of times
However, please note that Section 54 (applicable for residential property sale) is not available for financial assets. Any LTCG other than the sale of residential property gets covered under Section 54F and it has its own particular rules and the way LTCG exemption is taken. Please read up on it.
Coming to your specific question, you can surely offset the equity and debt fund gains LTCG against a residential house purchase under Section 54F and this has no connection with Section 54. Again, need to read up on this too carefully.
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