Capital gains tax on ag land

Querist : Anonymous (Querist) 16 October 2019 This query is : Resolved
I have some agricultural land inherited from my father after due partitioning between my brothers. It is situated with in 4km from a nearby town, which as of now is a Panchayat but is slated to be upgraded to a Municipality. Even today rain fed crops are grown in that land. I intend to sell this land because the returns from the land are not satisfactory and the price of land in that area is very high. I am not sure whether I need to pay capital gains tax on the sale proceeds or don’t need to pay because it is agricultural land inherited from parents( ancestral as well). I would appreciate a clarification from any learned Lawyer who can provide authentic (legally) information.

Thank you
KSS

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P. Venu (Expert) 17 October 2019
Incidence of capital gains tax depends upon the sale and how you invest the sale proceeds. A Chartered Accountant can provide the complete guidance.

Dr J C Vashista (Expert) 18 October 2019
Consult your (or some other local) chartered accountant if there is some truth in the story.

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