Agriculture income
This query is : Open
07 December 2011
one of my client has produced a notaried (Notary)affidavit , in which his brother gives him Rs 2,50,000 from 2008 as a part or share of his agriculture income out of 30 acres of land
they are all living in joint family.
Can i consider it is an agriculture income ?
they are all living in joint family.
Can i consider it is an agriculture income ?
07 December 2011
Dear Santosh
From the information you have provided, it appears that instead of taking it as agricultural Income you may take it as Gift. Since transfer of Income without transfer of property will be taxed in the hands of the person who have earned it. If the property is divided in family partition only than you may take the Income in the hands of your client.
From the information you have provided, it appears that instead of taking it as agricultural Income you may take it as Gift. Since transfer of Income without transfer of property will be taxed in the hands of the person who have earned it. If the property is divided in family partition only than you may take the Income in the hands of your client.
07 December 2011
Dear Santosh
From the information you have provided, it appears that instead of taking it as agricultural Income you may take it as Gift. Since transfer of Income without transfer of property will be taxed in the hands of the person who have earned it. If the property is divided in family partition only than you may take the Income in the hands of your client.
From the information you have provided, it appears that instead of taking it as agricultural Income you may take it as Gift. Since transfer of Income without transfer of property will be taxed in the hands of the person who have earned it. If the property is divided in family partition only than you may take the Income in the hands of your client.
07 December 2011
Is that 30 acres land belongs to your client's brother or belongs to your client's HUF
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Loan by Partnership Firm
- TDS related Query_Liquidated Damages
- STCG FOR GOLD ETFs
- Tax liability on income of freelancer
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
