No, for claiming exemption under section 54 or 54F, you need to purchase a residential house within 1 year before or 2 years after the date of transfer or construct a residential house within 3 years after the date of transfer of the original asset.So if land is purchased, you can not claim exemption under section 54 or 54F.
Exemption u/s 54, 54F for purchase of land, Income tax Here we explained that for claiming exemption under section 54 or 54F, you need to purchase a residential house within 1 year before or 2 years after the date of transfer.
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