Dear there,
Can you pls let me know about the taxability of Agirucultural subsidy received by an Individual.
My client received agri subsidy of Rs.3 lacs fron NHB, should it be added with his agri income or not?
3 Replies
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 01 February 2010
Mr.Prakash
Pleasse enlighten me on the subject 'agri subsidy' and 'n h b'
Best Wishes
Sathikonda
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 01 February 2010
Mr. Prakash. THe subsidy will not be treated as agri income as it falls outside the scope of agri income as defined in sec2 of the I.T. Act
Amir
(Learner)
(4016 Points)
Replied 01 February 2010
Dear Prakash,
Replanting subsidy is not agricultural income - Replanting subsidy received from Rubber Board is not agricultural income - Vaikundam Rubber Co. Ltd. v. State of Tamil Nadu (No. 1) [1993] 202 ITR 586 (Mad.)/CIT v. Malayalam Plantations (India) Ltd. [1993] 204 ITR 735 (Ker.).
I think If it is "CAPITAL" in nature then it will be exempt otherwise it will be treated as "Taxable Income" & Not "AGRICULTURE iNCOME"
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