New Delhi, Aug. 30 -- -Name withheld on request

It is assumed that the agricultural land is urban agricultural land, located within the specified limits of a municipality or cantonment board, depending on its population. If the land is located beyond these specified limits, capital gains from its sale would not be taxable. It is also assumed that your father acquired the land at least two years before the intended sale and that all three of you are tax residents of India.

As the property is agricultural land, each of you may be able to claim an exemption under Section 54F (Section 86 of the Income Tax Act, 2025) to the extent the sale proceeds are reinvested in a residential house property. Alternatively, an exemption may be available u...