New Delhi, March 2 -- For agricultural purposes, I intend to sell my urban agricultural land within the municipal limits, which has been repurchased for ten years. How can I save capital gains tax? Can I purchase another agricultural land out of the sale proceeds in my name or the joint names of my husband/sons or invest the amount in specified assets in the joint name of my husband/ sons Can I deposit the proceeds in my savings account or joint account with my husband/sons What proof shall I have to show to the IT department that it is agricultural land, if any time required?

Agricultural land in a rural area is not a capital asset u/s 2(14); therefore, no capital gains arise on its sale. However, urban agricultural land is considered a...