I'm back again on the same day figured out a way during playing with compiling kernels and it worked well there so I thought you'd like to know about it for LFS use. It's called "ccache" and I installed it by passing the --prefix=/tools option during ./configure and it installed in the /tools/bin dir.
I impressed myself :))
I got so brave that I tried some options while compiling binutils and gcc and glibc although not advised. Guess what? while running "make test" on expect I got wierd errors . Couldn't get a quick answer on the IRC lfs-support chat .I've removed all the contents of my tools directory. Now , I'm starting over. All along I've removed my source and build directories so that was no issue.
ccache installed easily and I've started with binutils .