my wife has received 10 L amount from division of sale of agrcutural land OWNED BY HIS GREAT GAND FATHER..
The Gain is taxable in hands of person who has received the same first. Is your wife is signatory to the sale deed where she has got money for transfer of her rights , then its taxable as Capital Gains. Long term of short term depends upon the holding of the property by the family. The Cost of property is cost for earlier owner or if the property is older than 1.4.2001 , fair value as on 1st April 2001.