Hi Gurus,

 

Could you please clarify whether I would be eligible to claim LTCG exemption under Section 54F if I purchase a plot of land entirely in cash and do not intend to construct a residential house on it within the next three years?

The plot would be purchased jointly in the names of my spouse and me. The funds for the purchase would primarily come from the sale proceeds of mutual funds that have generated long-term capital gains.

I already own a vacant plot in another city, but I do not own any residential house or flat.

Could you please advise whether I would still qualify for the Section 54F exemption under these circumstances?