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 ?
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.
CAclubindia
