Capital gain exemption

If an assessee sold a "land" on 24 march 2014 for 21lacs and the same was purchased in 1908 n F.v as on 1981 is ₹100 .. The assessee had deposited the sale proceeds in FIXED DEPOSIT on 2 april 2014..Can assessee claim exemption if assessee wants to use this sale proceeds in buying a residential house property or weather he can claim exemption in sec 54EC..Pls provide with detail explaination..as assessee haven't deposited the same in any CGDS ACCOUNT..