Agriculture income
This query is : Resolved
28 January 2014
a persons agri land not coming under town municipal limits is acquired at Rs 23 lacks in the year 1999 and of Rs 41 lacks from 2000 to 2013 as interest totalling to Rs 64 lacks what is the tax liability
30 January 2014
You have not stated whether there is any income from agricultural operation. The tax on agricultural income is NIL provided he does not have any other income.
From your details the land purchased for 23 and interest added 41 and now the total value of land is 64 but you have not given the details of income or if the land is sold then the value of the same has not been given. In case the land is sold even then the tax shall be NIL
From your details the land purchased for 23 and interest added 41 and now the total value of land is 64 but you have not given the details of income or if the land is sold then the value of the same has not been given. In case the land is sold even then the tax shall be NIL
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
