Income tax on sale of urban plot and buying agriculture land

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Hi beloved CAs

I am planning to sell urban plot which I held for more than 2 years. I know its subject to 20% ltcg.

Is there any way to minimize/avoid taxes.
What I have heard from a person (not a CA) is, if the gains are used to buy agriculture land then no tax liability.
Can any one confirm?

Replies (3)
Agricultural income is exempt but sale of urban land results in LTCG @ 20%
Yes..you can buy and save tax
Yes you can purchase another agricultural land within 2 years from the date of transfer

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