money from sale of plot

Yes, you can get exemption u/s. 54F for capital gain tax, provided other conditions of the section are fulfilled.

Yes you can claim exemption under Sec 54 of the act.

Subject to
1) Unused amount of Consideration from Sale of Plot need to be deposited in separate specified A/c with Bank till filling of Return of Income for the year of sale

2) Amount of Gain exempt would be amount Invested in New Residential Property.

3) After Purchase such property should not be transferred till 3 years from date of such purchase.

If residential plot is considered as House Property ,it would be allowed under Sec 54
Otherise deduction would be allowed under section 54F