Capital Gain Tax

Shilpa Rani (Querist) 12 January 2009 This query is : Resolved
I have sold my share of grand father porperty (agricultural land)and got my share of money and deposited in bank ( Fixed deposit)...my questions are:
1. since it is my grand father property inherited to me ...will it attract capital gain tax...if so how much?
2.how to avoid paying capital gain tax on this amount...i mean how to invest this money so that i will attract less tax payment...

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