Hi Kushal,
I'm not sure if you can use another than provided by WebSphere.
You have several scripts related to manageSDK that are pointing to WAS_HOME\java o WAS_HOME\java_1.7_64 so if you change JAVA_HOME you can have unknown issues.
You can try to change from Admin Console JAVA_HOME environment variable but you have the same environment variable inside several scripts in WAS_HOME\bin
Why do you want to use other java than WAS_HOME\java?
Regards