28 August 2012
I HAVE 1 BIGHA LAND IN BURDWAN. IN THAT LAND THERE ARE MANGO TREE, COCONUT NUT TREE, THAT MEAN MY BUSINESS IS SELLING MANGA, COCONUT PRODUCED IN MY LAND WHICH IS IN MY FATHER'S NAME. IS THE INCOME EARNED FROM THAT LAND CAN BE TREATED AS AGRICULTURE INCOME AND CAN GET TAX RELLIF. OR IF NOT THE REASON. KINDLY SUGGEST ME
29 August 2012
Any income derived from such land by agricultural operations including processing of agricultural produce, raised or received as rent in kind so as to render it fit for the market, or sale of such produce is exempt U/s 10(1) of IT Act.
Thus, Income earned on selling Mango and Coconut grown on agriculture land is agriculture income and fully exempt U/s 10(1) of IT Act.
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