Income from sale of agriculture produce on diverted land will be taxable or exempt?
What is the tax treatment in case of horticulture?
4 Replies
CA Abhilasha Bhagat
(ACA)
(466 Points)
Replied 02 March 2013
The land is not agricultural land. Diverted for any other purpose, say residential.
CA Vineet Dubey
(Accounts)
(160 Points)
Replied 02 March 2013
Practicly it will not be consider as agricultural land .And Assessing officer will demand Tahesildar report when agreement does not show it's as agricultural Land.
Prashanth S K
(Practice)
(148 Points)
Replied 02 March 2013
By ur statement "the land is not agricultural land" i hope you have said that after satisfying the conditions for a land to be considered as an agriculatural land. So you are referring to an urban land used for both residential as well as agriculatural purposes. Since it is an urban land, sale of agriculatural produce will not be treated as agricultural income which in turn implies that it is taxable.
Kindly correct me if i am wrong.
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