Agricultural land income under huf

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VijayUpadhyaya (Querist)
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17 November 2015 Sir,Agricultural Land was purchased in my name by my grandfather when I was minor 7-8 years old. Income from the same was used by my father. After 15 years of my joining job, my father has allowed me to use/rent the land. I want to show income under HUF as the land was not purchased by me.Is it correct to show income as agriculture under HUF me as Karta Till now, I have neither shown nor received income from agricultural land though I became major 20 years backOr the income has to be clubbed in salary income

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 November 2015 Agricultural income is exempted from tax but considered for rate purposes.

VijayUpadhyaya

VijayUpadhyaya (Querist)
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17 November 2015 That's true but central issue is to consider the agricultural income under HUF in the Karta( me in case)The land is not purchased by me out of my income It is therefore logical

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VijayUpadhyaya

VijayUpadhyaya (Querist)
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17 November 2015 Logically the income should be under HUF me as Karta Is this correct view

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 November 2015 Yes you can do that but on forming HUF you lose the ownership of the property as it belongs to all members of the family.