Taxpayer selling multiple properties( 2 plots in your case) & invests in one residential house is eligible to claim deduction u/s 54F. House should be constructed within 3 years from the date of transfer.
However , there are many case laws where deduction is not denied even though construction not completed within 3 years .
If you have not started construction within due date of return filling, you will get deduction u/s 54F, if you deposit Net sale consideration in Capital Gain Account Scheme.(CGAS)
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