Error during Oracle database 12c Release 1 installation
I tried creating /tmp which was not existing as a separate file system and kept 4gb of space. But the issue did not get resolved. 

I try to keep my temporary file in a different place where the space available around 20gb. Still issue did not get resolved.

Finally I had to run the below command which resolved the issue. I couldn't find the solution so easily in google in first few pages as none of the people had raised this issue for Linux OS. Everyone was asking about Windows OS issue.

I had run the below command to provide execute permission for the folder CVU_12.1.0.2.0_**** under my temp directory.

chmod -R 777 /tmp/CVU_12.1.0.1.0_oracle/*


This resolved my issue. Thanks for the website which provided this solution.

I am posting here just to let others know, so that if anyone facing the same issue in future like me, can see this and get benefit. 

Thanks for everyone who tried to answer my question. I really appreciate it.