Agricultural land income under huf
This query is : Resolved
17 November 2015
Sir,Agricultural Land was purchased in my name by my grandfather when I was minor 7-8 years old. Income from the same was used by my father. After 15 years of my joining job, my father has allowed me to use/rent the land. I want to show income under HUF as the land was not purchased by me.Is it correct to show income as agriculture under HUF me as Karta Till now, I have neither shown nor received income from agricultural land though I became major 20 years backOr the income has to be clubbed in salary income
17 November 2015
Agricultural income is exempted from tax but considered for rate purposes.
17 November 2015
That's true but central issue is to consider the agricultural income under HUF in the Karta( me in case)The land is not purchased by me out of my income It is therefore logical
17 November 2015
Logically the income should be under HUF me as Karta Is this correct view
17 November 2015
Yes you can do that but on forming HUF you lose the ownership of the property as it belongs to all members of the family.
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