AGRICULTURE INCOME????

This query is : Resolved

Ashish Bhatt (Querist)
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03 January 2011 Hello Sir/Madam
I have a problem please help me. A person have a agriculture Land & he is croping Flowers on this land. Is that income arise from the sale of Flowers is Taxable or Exempt as it is a agriculture Income?
What will be the treatment if we sold this Land? Capital gain ariese from it will taxable or we need to purchase some other agriculture land for Tax Saving?

Than you in Advance
Ashish Bhatt

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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03 January 2011 Both income and capital gain in this case is exempted.

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Ashish Bhatt

Ashish Bhatt (Querist)
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03 January 2011 Thanks for your support. Please also tell me. If Land is not agriculture & we are croping Flowers & seling the same. Is this Income will be Exempt or Not.
Whether it will be affect Land must be Agriculture or not?
Please reply as soon as possible.

Thank you

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CA Punit

CA Punit (Expert)
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03 January 2011 cropping is agriculture,
if the land is used for cultivating flowers, it will be considered as agriculture land.

income will be exempt

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