Capital gain exemption

hello everyone...

i will be selling my Flat to the Builder at the tune of 1.25 crore Rs.

i wanted to know whether the following tax planning would entitle me for the capital gain exemption under residential property head.

the plan is to invest the entire sum of money in FD and take a loan for the payment of new flat on the security of FD...

my question is whether this new flat taken on basis of loan will entitle me for the exemption of Capital gains which will accrue on the sale of old flat.

 assuming all the formalities will be done within the laid down time.

thanks everyone.