I am planning to sell a agriculture land at my native which was brought for about 3 years ago an d we paid huge money in Lakhs but registered for less amount as the registrar officer suggested for lower price and we have rest of the money in Hands.. Now I want to sell this land and want to buy a house/Villa in Bangalore.. if I sell it for huge price i have to get all the money through bank with legal procedures and my question is do I need to pay any taxes on the capital gain? as I had registered it for less price.. Confused here.. please help me and the land is in rural area of Karnataka
Thank you so much Everyone for the prompt replies and it was so much helpful.. My Agriculture land is in Rural Area and what I understood now is I think it is tax exempted on capital gain .. So i can draw that money for whatever purposes I want..