Can proceeds from sale of plots (open plots...nothing constructed) be used to purchase a new flat to avoid long term capital gains tax or do i need to buy plots again? I have held these properties for almost 10 years
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Quick Summary
This discussion clarifies how to potentially avoid long-term capital gains tax when selling undeveloped plots held for over 10 years. The consensus is that the proceeds from selling these plots can be used to purchase a new flat, allowing you to claim a deduction under Section 54F of the Income Tax Act. This means you don't necessarily need to buy plots again to qualify for the tax benefit.