Dear Sir, I am growing strawberry in polyhouse taken on rent from farmer, i want to sell strawberry to company. Will this income after selling strawberry is exempted from tak or not, please suggest.
Taxability of partnership firm having agriculture income
Page no : 2
KOUSHAL JAIN
(Chartered Accountant)
(471 Points)
Replied 05 July 2018
| Originally posted by : Kaushik | ||
 |
I am having an Partnership firm cultivating Sugarcane and selling to industry. The firm has no other income. The land is owned by partner's. There is no other manufacturing or processing activity. Only agriculture farming Will the income earn by partnership firm on selling of sugarcane exempt from Income Tax ? |
 |
YES Agriculture Income is Exempt under Section 10(1)
If land is owned by partner than agriculture income of firm clubbed in income of partner hand.
Kaushik
(Accounts)
(123 Points)
Replied 05 July 2018
Can you elaborate on "agriculture income of firm clubbed in income of partner hand" ? As per my understanding, the firm income is separate and files tax returns
KOUSHAL JAIN
(Chartered Accountant)
(471 Points)
Replied 05 July 2018
Land is owned by partner in their individual capacity than income of firm clubbed in income of partners.
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