Agricultural income
This query is : Resolved
02 January 2017
Mr. A taken land on rent and established started growing flowers there. He made sales of flowers Rs. 5,00,000/- paid Rent 60,000/- and incurred other expenses rs. 1,40,000/-. Whether rs. 3,00,000/- shall be tax-free agricultural income. Please also confirm whether land should be in any specified area . .
03 January 2017
It will not a taxable agriculture income. First it will be added to the total income and then rebate for this agriculture income will be given. However land should not be in urban area as per the definition given in Act.
03 January 2017
The land can be in urban area no problem. Sale of land in urban area only attracts capital gain tax. The income of 3 lacs will be considered as agricultural income exempted from income tax but subject to aggregation to determine slab rates if other taxable income is earned.
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