Exemption u/s 54f for capital gain on sale of property

I have sold the house property situated in india of Rs. 56 lacs during the financial year 2015-16 i.e. Dec, 2015. The same was acquired in the year 2008-09. The expenses incurred on sale of this property comes to Rs. 55000. I have made registration for new house during the month July 2015 and paid towards Registration and stamp duty payment of Rs. 6 lacs and also paid total payment up to May 2016 of Rs. 24 lacs as advance f towards construction of house property which will be completed up to Oct, 2018. In this connection, I have following queries : 1. While calculating capital gain, can I avail exemption u/s 54F during the assessment year 2016-17 assuming the full capital gain invested before filing Return of income for A Y 2016-17 and I am owning more that one house other than new house as on the date of transfer. Kindly advise with provision of tax law . .