Without lag really depends on your resolution & settings expectations.
I assume your i5 is an i5-650, with the minimum requirement for GTAV being a C2Q 6600, so it'll run.
The GPU is above the minimum too
4GB is the minimum RAM requirement though, so you're close there.
So, it'll run, it's a matter of how well. Given your hardware, provided you were playing at 720p and kept settings to Low, you should have a pretty playable/enjoyable experience. If you're asking for 1080p Medium/High, absolutely not.