09 April 2011
I want to clarify myself that the soil which is sold from the agriculture land will be treated as agriculture income or not. What will be the tax liability if the income is Rs 600000 from the above source?
09 April 2011
If you sell topsoil, sand, gravel, or other natural deposits from your property, the proceeds are ordinary income.It cannot be treated as agricultural income. On account of the depletion of the natural deposit sold out,reasonable amount may be claimed as a deduction.
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