INCOME TAX ON SHARE OF SALES PROCEEDS OF ANCESTRAL AGRICULTURE LAND

GOKULDAS KAMATH (BRANCH MANAGER) (22 Points)

14 August 2023  

Respected Sir

My wife has got an amount of Rs.10 lakhs in cash towards her share of sales proceeds of ancestral agriculture lands from her father's side which she has deposited in her bank account

Whether this amount is taxable income 

If yes, What is the alternative suggestion  so that payment of income tax can be avoided legally