Income tax reg
Querist : Anonymous
I wish to clarify some doubt
i.e.
1.If an Individual have Rs.1 Crore Cash will attract Wealth Tax(Earned from Agri Activities)?
2.Whether anybody can give the loan with interest to others out of the tax sufferred Income?
ex:Mr.Ram earned Rs.60 Lakh as salary & paid the Tax in A Y 2012-13.Now the same has been given to somebodies as Loan for 10% Interest.Whether is it legally allowed or Illegal Business?
3.Is there any Limit to claim exemption under Agri Acivities?
Ex: If Mr.Rahul have 200 Acres & got Rs.10 Crore as Agri Income P.a.Is it 100% Exempt? or is there any Limit ?
4.Is it mandatory to reinvest to avoid Capital Gain if the sale Proceeds from Agri Land or any Land situated in Rural Areas?
2 Yes loan with interest can be given out of tax suffered income but through cheque/DD for payment in excess of Rs.20,000.
3 No limit but the claim should be reasonable based on land holdings and crops harvested.
4 No need of reinvestment on sale of rural agricultural land. No cash exceeding Rs. 20,000 can be accepted on sale of land.
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