AGRICULTURE INCOME????

This query is : Resolved

Ashish Bhatt (Querist)
Follow

03 January 2011 Hello Sir/Madam
I have a problem please help me. A person have a agriculture Land & he is croping Flowers on this land. Is that income arise from the sale of Flowers is Taxable or Exempt as it is a agriculture Income?
What will be the treatment if we sold this Land? Capital gain ariese from it will taxable or we need to purchase some other agriculture land for Tax Saving?

Than you in Advance
Ashish Bhatt

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
Follow

03 January 2011 Both income and capital gain in this case is exempted.

Message likes : 1 times

Ashish Bhatt

Ashish Bhatt (Querist)
Follow

03 January 2011 Thanks for your support. Please also tell me. If Land is not agriculture & we are croping Flowers & seling the same. Is this Income will be Exempt or Not.
Whether it will be affect Land must be Agriculture or not?
Please reply as soon as possible.

Thank you

CA Punit

CA Punit (Expert)
Follow

03 January 2011 cropping is agriculture,
if the land is used for cultivating flowers, it will be considered as agriculture land.

income will be exempt

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now