Deductions on LTCG

You need to arrive at the valuation of the plot as on 01.04.2001 if it's purchased before this date.
From the sale value of the plot you get the deduction directly attributable to the sale such as commission and brokerage. Then you get deduction of indexed cost of acquisition.
But if you are selling a open plot, then either you can invest the capital gains in tax savings bonds under 54EC or invest entire sale consideration in residential property to claim exemption under section 54F

1. The plot being land is a capital asset and if the same is held for more than 24 months it will be considered as Long term Capital Assets and the sale will result in Long term capital Gains. 
2. If the plot not being an agricultural land following exemption will be available,
i) Sec 54EC - Investments in bond within a period of 6 months from the date of transfer and up to a maximum of Rs. 50 lakhs. 
ii) Sec 54F - Investment in residential house property within 1 year before or 2 years from the date of transfer or 3 years in case of construction of residential house property. One condition is that assessee should not hold more than one residential property at the time of investment u/s 54F. 
iii) Sec 54EE - Investment should be made in specified funds and certain conditions are attached to the same.
3. If the plot is in the nature of agriculture land then,
i) Sec 54B - The land should have been an urban agricultural land and investment should have been made in another agricultural land (rural or urban) within a period of 2 years from the date of transfer. 
3. These are the avenues available for exemption in case of sale of Long term capital asset. 
Please correct me if the above solution has an alternative view. 

For sale of plot
whether it is used for business and profession
land and building should be used for industrial undertaking.
capital gains in case of liquidation of companies.
various provisions are there.