Hello,

There is no requirement of any accounting treatement as your father must be using it for personal purpose.

Regarding taxation, inheritance of land is exepmt u/s 56.

THANKS ..

The value of land received is Rs. 22,50,000. And I want to show the Agriculture Land in Balance Sheet at the same value. So if i want to show Agriculture Land worh Rs. 2250000 in my father's balance sheet, which accounting entry i do need to pass ??

Against which account I can dabit this Agriculture Land ?

If i credit Capital A/c, 

it looks like below -

Agriculture Land A/c Dr....... ...................................................22,50,000

   To Capital A/c (Agriculture Land Received inheritance   Cr...... 22,50,000

Is this right accounting ?

 

Hello,

Yes the entry is proper. You just have to add Agriculture Land A/c in fixed assets category.