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Agricultural Income

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(Querist)
15 September 2009 1. Total sale proceeds is Rs.90,00,000/- wheather section 44ab applicable?


2. Assessee is a partnership firm with objective to carry on only agriculatural activity. Is there any bar on calim rebate for agriculatural income.?
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Ratan Sharma

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Ratan Sharma (Expert)
15 September 2009 1. Sec. 44AB is applicable only to business. As the income from agriculture is exempt from tax therefore sec. 44AB not applicable.

2. No bar as such. partnership firm can claim exemption of agriculture income.

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