Receipt entry of sale of land

Credit it to land account, which would be under Investment on assets side.

You have to treat it for capital gains as well cause its not an agricultural land if its a not an arable land you have 2 pay taxes

Forgot, if you have land worth 10 rupees and sold it for 12 rupees

Dr. Bank/Cash 12

Cr. Land  10

Cr. Gain on sale 2

The capital gains can be calculated on the total income I guess cause I dont deal taxes