Dear Friends
I am planning to sell some of the eucalyptes trees owned by me. The sale proceeds derived out of it is taxable under what head? Agri. Income or Capital Gains?
Thanks in advance.
JANET ANJALIN J (CA Final) (231 Points)
21 December 2013Dear Friends
I am planning to sell some of the eucalyptes trees owned by me. The sale proceeds derived out of it is taxable under what head? Agri. Income or Capital Gains?
Thanks in advance.
Mihir
(Wealth Manager)
(5293 Points)
Replied 21 December 2013
Dhruvi N suthar
(Account Executive)
(303 Points)
Replied 21 December 2013
how should it would be counted under agriculture income
Dhruvi N suthar
(Account Executive)
(303 Points)
Replied 21 December 2013
its not covered under capital gain but how it could be consider under Agricultral Income
CA KARAN MAINI
(Practising CA)
(106 Points)
Replied 21 December 2013
Dhruvi N suthar
(Account Executive)
(303 Points)
Replied 21 December 2013
Yes its included under Income From Other Sources...Not treated as Agriculture Income Nor Treated as Capital gain.......
CA KARAN MAINI
(Practising CA)
(106 Points)
Replied 21 December 2013
R.Parasuraman
(CA final)
(187 Points)
Replied 23 December 2013
It is assessable under capital gains but cost of acquisation in not determinable, due to which computation mechanasim fails and CG cannot be computed. So finaly it is not taxable.
These trees are infact self generated assets and sec.55 does not includes trees so it cannot be taken as NIL to compute capital gains.
Supreme Court Judgement - BC Srinivasa Setty.
Ramanuj
(Accountant.)
(834 Points)
Replied 23 December 2013
Dear all I think its has come under Income from other sources.
Thanks
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