Agriculture income
This query is : Resolved
07 December 2015
My father has leased 130 acres of land, we produce sugarcane if we have to file income tax return. If yes whats the benefit? We do not have any other source of income.
CA CS Jainam Shah
(Expert)
07 December 2015
You have agricultural income. Agricultural income is totally exempt under Income tax act. So you must have file your return because it will build up your capital and easy to justify your net worth.
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