Tarun Singh (7 Points)
11 June 2017
Sanjay S
(Chartered Accountant)
(1375 Points)
Replied 11 June 2017
What is the nature of such income? Whether it is from Renting out of such agriculatural land?
If the Agri Land is rented out for Agricultural Purpose, then the income of Rs.4Lakhs shall not be taxable if this is the only income you have for the year. But if you do have any other income, then agricultural income shall also be taxed indirectly.
If Agri Land is rented out for other purposes like shooting of films, exhibition, etc.. then the income of Rs.4Lakhs shall be taxable under Income from Other Sources.
Tarun Singh
(7 Points)
Replied 11 June 2017
Sanjay S
(Chartered Accountant)
(1375 Points)
Replied 11 June 2017
No. The income (other than the Agri Income) should exceed the basic exemption limit.. only then the agri income is taxable.
CAclubindia
