Agriculture income
This query is : Resolved
19 May 2013
hi my name is bhushan
my father & his elder brother both have aone agriculture land. but my father farming this land not his brother but in agricultuer land document means (satbara)in this document fristy name is my father brother name & my father is nominee .
1) then shall i show the income which is earn from this land
2) shall i invest this money in the my father bank account deposite of huge amount
my father & his elder brother both have aone agriculture land. but my father farming this land not his brother but in agricultuer land document means (satbara)in this document fristy name is my father brother name & my father is nominee .
1) then shall i show the income which is earn from this land
2) shall i invest this money in the my father bank account deposite of huge amount
Guest
Guest
(Expert)
19 May 2013
I think, the income will be shown in the return of your father's brother,as income belonged to him only, your father is nominee only.
as agricultural income is exempt, hence no tax is payable.
If the money is invested in your father bank account, your father is liable to pay tax on such interest, moreover he may be asked to clarify the source of such receipts, as the amount is shown under your father's return of income
as agricultural income is exempt, hence no tax is payable.
If the money is invested in your father bank account, your father is liable to pay tax on such interest, moreover he may be asked to clarify the source of such receipts, as the amount is shown under your father's return of income
07 July 2013
Your father's brother can show the agriculture income as has rightly been said by the expert. You can do one thing that
1) With the consent of your father's brother you can get the name changed in the 7/12 and your father's name can be entered in place of your father's brother.
2) Till it is done your fathers brother can gift the amount of agricultural income and then the investment can be made by your father.
1) With the consent of your father's brother you can get the name changed in the 7/12 and your father's name can be entered in place of your father's brother.
2) Till it is done your fathers brother can gift the amount of agricultural income and then the investment can be made by your father.
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