agricultral income

This query is : Resolved

sree (Querist)
Follow

25 September 2010 one of my friend had planted an eucalyptus plants in his agricultural land and know he sale the plants for 1200000/-. Can i treat this income as agricultural income?

CA Navin Jain

CA Navin Jain (Expert)
Follow

25 September 2010 ITS EXEMPT UNDER THE HEAD OF CAPITAL GAIN

Message likes : 1 times

CA. Praveen Narayan

CA. Praveen Narayan (Expert)
Follow

25 September 2010 The receipt arising from the sale of tree itself is considered a capital receipt which is not income..

Message likes : 1 times

sree

sree (Querist)
Follow

26 September 2010 is sale of trees in the agricultural land can be treated as capital gain?
Or agricultural income ? If it treated as capital receipt in which section it will be claimed as exemption?