The incident occurred in Warwand village in the east Maharashtra district under Amravati division on Sunday night.
While Mangesh Jadhav jumped into well, his mother Pramila Jadhav (65) consumed poison, Buldana Superintendent of Police, Sanjay Kumar Bawiskar told PTI.
Mangesh is survived by his wife and two daughters.
Bawiskar said the Jadhav family had a loan outstanding of around Rs 4 lakh.
He said the police viewed the case as suicide by farmers and have forwarded the details to Buldhana collector for necessary aid.
According to police, the Jadhavs owned a 6-acre dry land and had been facing crop losses for last four years, which added to their worries over repayment of the loan and interest accrued on it over the period.
Bawiskar said Mangesh seems to have written two suicide notes.
