18 January 2013
Is it possible that a HUF can show in its income tax return the Agriculture income of-
Derived from ancestral land.
Derived from farms taken on Lase( popularly known as Theeka or Batai) where the owner of land gives his land to another person for agriculture operations. In other words the person who gets such land from owner can he show such agriculture income as result of agriculture operations after deducting the amount payable to owner. And "J" form are issued in name of such person.
18 January 2013
Yes HUF can show in its ITR the income from agriculture, only If the land is on the name of Karta or co parceners. Secondly, in respect of the person who has taken such land on "Theeka", Yes such income is its income from business and profession, therefore the amount paid to the owner of the land is treated as expense.
CAclubindia
