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Expert: Vinay Singh, Legal & Tax Expert. Question: This is regarding long-term capital gains on ancestral agricultural property. I want to know if I need to pay long-term capital gains tax if the agricultural land is located in a remote village, within the limits of the Gram Panchayat, but over 10 km away from the nearest municipal area. Answer: If the agricultural land is over 8 km measured aerially from municipal limits then, it will not be considered an asset u/s 2(14) of the income tax act and no capital gains tax is payable upon sale. Link: http://www.mbnow.in/property/videos/legal-tax/do-we-need-pay-capital-gains-tax-agricultural-land/29722 Be Un - Confused : http://www.mbnow.in/property