Amount withdrawn from cgas to buy vacant site.

Mahesh Reddy K (Bangalore) (65 Points)

09 July 2013  
An assesse sold a vacant site and got a Capital Gain of Rs.50 lacs and invested the same in CGAS. Later he withdrew 50 lacs to buy a vacant site with Intention to construct house in the next 3 yrs.Can he claim exemption u/s 54F of the IT act?? Are there any case laws??