Agriculture income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2013 dear expert,

for asst year 13-14 i h m having below income
so kindly advise which form to fill

business income Rs 253192/-
accrued int on FD with SBI for capital gain RS.64985/-
Agri income RS. 64250/-

further i have paid to lic single premium for Rs. 50773/- so should i take full amount under 80C

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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18 August 2013 You should file ITR 4 as you have derived income from business and other source including agricultural income.

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Querist : Anonymous

Querist : Anonymous (Querist)

18 August 2013 thnks...

kindly advise for 80c deduction

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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18 August 2013 You can claim 80C against your regualr income and not from agricultural income and if the premium is above 10% of the sum assured then only up to 10% of the sum assured will be allowed u/s 80C but if you have paid for last two years together then it is allowable as the 80C is allowed on the basis of payment made.