No tax on inheritance, the actual cost of land shall be NIL.

Capital gains on the sale are taxable for the inheritor.

Thanks..

But if I want to show this agriculture land in my balance sheet, at which value i can show this land in to balance sheet ?

asume that the value of agriculture land received my father is rs. 2250000 , and i want to show the same in balancesheet , than is it possible ? and if yes than how ?

For preparation of Balance sheet Cost of aacquisition shall be taken NIL. However you  can revalued your Assts at Market value by creating a revaluation reserve on liability side