Is agriculuture income
Rupesh Soni (Taxation Consultant & CA final student) (504 Points)
02 May 2014Rupesh Soni (Taxation Consultant & CA final student) (504 Points)
02 May 2014
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 03 May 2014
It is not material whether it is Rural or Urban agriculture land for the sale proceeds taxation as it is agriculture income and the concern will arise in case of sale of land i.e for capital gain purpose.Therefore above income will be agriculture income and will be exempt as per Income tax act,1961