Agricultural income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2018 A private limited company took agricultural land on lease basis for conducting agricultural operations. The company sells the produce in the market and earns income through it. Will this income be treated as tax free income in the hands of the company.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 August 2018 Yes it will be treated as agricultural income tax free.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2018 Thank You Sir. The company out of the total 50 acres of agri land plans to carry out commercial acitivity ( cottage and resorts) in 25 acres.
In such a situation, can the company claim agri income exemption for the actual agri income rom the balance 25 acres.
Please Reply

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 August 2018 Yes it can be claimed.

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