Sell land outside Mohali/Chandigarh and bring money to UK
Hi i am an NRI living in UK. I have a prominent piece of land outside Mohali (more than half acre) on a main highway. I am looking to sell it in next 2-3 months and bring the proceeds of the money back to UK. At the moment it is agriculture land (in my name) but in next 4-5 months it will be in the city limits (hence many people looking to buy it). How do i bring the proceeds upwards of 3 Cr to UK and what will be the tax implications ? I am told if i sell it whilst it is agriculture i do not pay tax. Mind you this was bought a long time back and is not in default of rule where NRI's are not allowed to buy agriculture land.