G.Rajalakshmi (STUDENT IPCC) (32 Points)
29 August 2013SIR,
MY UNCLE PRODUCED AND SALE ONION RS.32,00,000 FROM HIM OWN LAND IN VILLAGE PLACE OF FINANCIAL YEAR 2012-13. NOW HOW MUCH AMOUNT HE WILL GET EXEMPTION UNDER INCOME TAX ACT 1961. PLEASE HELP ME URGENT. ADVANCE THANKS.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 29 August 2013
Dear Rajalakshmi,
if the assessee is having income under other heads and that other income exceeds minimum exemption limit i.e. Rs. 200000/- then only the assessee is required to pay tax on the agricultural income, otherwise not.
Kindly provide details of other income, if any, to calculate tax on agricultural income.
Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
G.Rajalakshmi
(STUDENT IPCC)
(32 Points)
Replied 29 August 2013
SIR,
THANK YOU SIR. MY UNCLE IS FARMER. HE HAVE NOT ANY OHTER INCOME UNDER ANY HEADS. NOW HOW DO I WILL CALCULATE AGRICULTURE INCOME OR FULLY EXEMPT UNDER INCOME TAX ACT 1961. PLEASE HELP ME.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 29 August 2013
Dear,
as i said earlier, the agricultural income is aggregated with non-agricultural income if the assessee has non-agricultural income exceeding taxable limit (Rs. 200000 for that F.Y.), thus, your uncle is not required to pay tax on agricultural income as his non-agricultural income is below that limit (nil in your case)... so, no tax is required to be paid. It is fully exempt.
Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
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