agriculture land on lease

This query is : Resolved

atul sinha (Querist)
Follow

15 January 2011 sir, i got 6 acres of agriculture land available for lease for 5 years.how should i proceed as HUF.lease agreement needs to be registered or not.how much i have to pay for stamp? there is no other income in HUF and it is fresh huf ac.Will income tax department accept agriculture income if i do farming on this
land taken on lease.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
Follow

15 January 2011 Only Lease Deed for less than one year do not requires registration.

Stamp duties are different in different states.

I would suggest you to go for HUF because all the agricultural income would be tax free in its hands and you need not get your books of account audited.

More tax planning is possible.

Better consult your TAX ADVISOR.

Message likes : 1 times