Section 54f and cgas, 1988

My understanding is that if an assessee utilizes all the net consideration arising out of sale of house property in constructing a new house, before the due date of filing of the return for the particular assessment year, there is no need to open an account under CGAS, 1988 to avail s.54F benefit. Is my understanding correct?

Of course, the house has to be constructed within 3 years from the date of sale as evidenced by possession/ registration.