15 January 2011
sir, i got 6 acres of agriculture land available for lease for 5 years.how should i proceed as HUF.lease agreement needs to be registered or not.how much i have to pay for stamp? there is no other income in HUF and it is fresh huf ac.Will income tax department accept agriculture income if i do farming on this land taken on lease.
15 January 2011
Only Lease Deed for less than one year do not requires registration.
Stamp duties are different in different states.
I would suggest you to go for HUF because all the agricultural income would be tax free in its hands and you need not get your books of account audited.
CAclubindia
