Agriculture income

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2017 if an assessee does not own farm(land),but he takes it on a rent from actual owner(farmer) for farming purpose,my question is whether income from the sales of crop grown in that farm will be considered as agriculture income and so exempt from tax?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 August 2017 it is exempt only...any rent paid to the owner of the farm in form of cash, kind or profit share shall also be considered exempt in the hands of the owner.

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2017 thank you sir for your reply,now sir please tell which ITR form will be used for disclosing agriculture income?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 August 2017 ITR - 2 in case you do not have any other business income..

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2017 thank you sir for your support, in above case assessee also sales fruits and vegetables on wholesale and retail basis by purchasing from others,so please guide me in relation to my following queries:
1.which ITR form will be used?
2.can i go for the section 44AD as assessee is not maintaining any books of accounts?
3.can i show the sum total of wholesale and retail sales in the total turnover and net profit field or i have to disclose it seprately?
4.what should i select in nature of business field?
NOTE:THE CASE IS FOR THE PREVIOUS YEAR 2015-16

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