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
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