I am planning to sell a residential plot of land (panchayat layout) that I purchased 11 years ago. The difference between the sale price and the indexed purchase price will fall under Long-Term Capital Gains (LTCG). I have already booked a residential flat and the registration is scheduled to happen in the next three months.

As per Section 54F of the Income Tax Act, if the net consideration from selling a long-term asset (other than a residential property) is invested in purchasing a residential house, the LTCG can be exempted.

I want to reconfirm from the experts on this portal whether my case qualifies for exemption under Section 54F. Please let me know if there are any conditions, timelines, or documentation requirements I should be aware of so that I don’t miss anything important.