How is sale of agricultural land taxed?
We are a family of four, including my parents and my elder brother. My father is planning to sell fives acres of ancestral agricultural land in our native place, a village that is around 2-5km from the nearest municipality and share the proceeds equally among all four of us. What are the tax implications of above sale? In what proportion should the proceeds be divided? My father intends to transfer the proceeds to each of our bank accounts. Are any documents necessary for such bank transfers so that all family members have proper proof to explain the source of this income if this is raised by the income tax department?