Income tax on sale of urban plot and buying agriculture land

SaiPSY (Marketing) (6 Points)

01 August 2023  

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?