Agricultural income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2013 Hello Sir,

I am looking forward to ploat a Pvt. Ltd company in Uttaranchal. Our main bussiness will be to buy agricultural land and sale them ib small sizes for residential purpose by changing the character of land from Agriculture to Residential.
I have few queries
1) Do I need to mention in MOA/AOA that comapnies objective is to carry out agricultural activities for purchasing agricultural Land.

2) How much land can a company purchase.

Guest

Guest (Expert)

23 February 2013 DEAR,

NO ONE CAN PURCHASE AGRICULTURE LAND OTHER THAN FARMER............

SO

PRIVATE LIMITED COMPANY CAN NOT DO THIS.

Querist : Anonymous

Querist : Anonymous (Querist)

24 February 2013 Thanks for your reply Sir. But I have read at various forums that this condition applies only in case of Individuals only. A company can purchase agricultural land if it has mentioned in its object clause "carring our agricultural activities"
Please read
http://www.lawyersclubindia.com/forum/details.asp?mod_id=15364&offset=1#.USnX5aI_toE

Upgrade to CAclubindia Pro. Subscribe Now!