Deduction u/s 54

Assessee had jointly held a plot of land which was sold in 1987, latter on the area was encroched by several peoples.

In 2011-12 to resolve the title the assessee exucuted deed of conveyance(seperate for assessee share) in favour of purchaser for a cosideration of 40lac.

In the same year he re-invested in a residential property for Rs.40lacs

My query is that whether he will be eligible for the ded u/s 54f.