Deduction u/s 54F

Rounak (Student) (33 Points)

09 April 2008  
X purchased a land in 1988 for Rs 1,25,000. X sells the land for 45 lakhs in Feb 2008. X is planning to purchase a house property(currently he has only one residential house property) for Rs 35 lakhs to claim some deduction u/s 54F. Is it wise to do so? Or are there better tax planning measures which he can take?