how to show amount earned by selling agricultural land

noor alam (Querist) 11 November 2016 This query is : Resolved
My mother have ancestoral agricultural land since 25 yrs in village at a distance 25km from city. In the month of July- Aug 2016 they sold the agriculture land in 1500000. Please guide me whether these amount is taxable or not? and also tell me how to show these amount ,my mother is illetrate house wife and have no any bank account ,is this amount credited to my father account?

Follow Query

Report Abuse

P. Venu (Expert) 12 November 2016
Your mother-in-law make investment in specified modes which would exempt her from capital gains tax. An illiterate person can also open a Bank account.