Agriculture Income
This query is : Resolved
09 April 2011
I want to clarify myself that the soil which is sold from the agriculture land will be treated as agriculture income or not.
What will be the tax liability if the income is Rs 600000 from the above source?
What will be the tax liability if the income is Rs 600000 from the above source?
09 April 2011
If you sell topsoil, sand, gravel, or other natural deposits from your property, the proceeds are ordinary income.It cannot be treated as agricultural income. On account of the depletion of the natural deposit sold out,reasonable amount may be claimed as a deduction.
09 April 2011
Agreed with Shri Warrier.
.
Income is recognized as Agricultural Income when some manual involvement is there in the agricultural produce.
Spontaneous products which grow on the land without any human efforts are not agricultural produce.
.
Humour :
You can't say that you have produced SOIL with some human efforts on the land.
.
Income is recognized as Agricultural Income when some manual involvement is there in the agricultural produce.
Spontaneous products which grow on the land without any human efforts are not agricultural produce.
.
Humour :
You can't say that you have produced SOIL with some human efforts on the land.
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