agriculture incom for non farmer huf proprietorship
This query is : Resolved
21 September 2009
I am non farmer having business of cultivation and distillation of Aromatic and medicinal plants. from which i have agriculture incom which is taxable or free?
Thanks
Ritesh
Thanks
Ritesh
CA PARAS BAFNA
(Expert)
21 September 2009
Cultivation activities are being carried out by you therefore you are a farmer. In other words you may treat the income from agriculture activities also.
Income from cultivation of plants may be taken as agriculture income. For that you have to deduct the expenses of plantation from an estimated market value of plants had you purchased the same from the market or from others.
Remaining income from distillation will be treated as business income
Income from cultivation of plants may be taken as agriculture income. For that you have to deduct the expenses of plantation from an estimated market value of plants had you purchased the same from the market or from others.
Remaining income from distillation will be treated as business income
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