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Agricultural Income

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 January 2011 Interest income from a firm whose principal business is agricultural activity, is it taxable to the assessee
1. if the assessee has received interest on capital
2. if the assessee has received interest on account of loan given to the firm.
in v k singhania its given that interest received from agriccultural firm is exempt????
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Guest

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Guest (Expert)
20 January 2011 Interest will be taxable in your hand
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
21 January 2011 the agreeculture income which is directly coming from agree products like sale of agree gooods by its producer will be exempt
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CA Bosu babu

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CA Bosu babu (Expert)
21 January 2011 Interest will be taxable as other income....in the same return agriculture income will be exempt....
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