Lease amount received from agricultural land is exempted or rental income from other source

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This discussion clarifies whether lease amounts received from agricultural land are considered taxable income or exempt agricultural income. It confirms that if the land is leased for agricultural activities, the rent received is generally exempt under Section 10(1) of the Income Tax Act. The conversation also touches upon related queries regarding gratuity exemptions and the declaration of rental income from a deceased spouse's property.

raghavendra b

raghavendra b (Querist)

03 June 2024 DEAR SIR,

LEASE AMOUNT RECEIVED FROM AGRICULTURAL LAND TAXABLE INCOME EXEMPT OR RENTAL INCOME FROM OTHER SOURCES. ONE OF MY CLIENT IS DENTAL DOCTOR HE WAS LEASED HIS AGRICULTURAL LAND TO AN INDIVIDUAL HE HAS RECEIVED RS. 1,50,000/- LAKHS EVERY YEAR THE AMOUNT EXEMPTED U/S 10(1) OF INCOME TAX ACT OR CONSIDER RENTAL INCOME FROM OTHER SOURCES.

PLEASE CLARIFY ME

REGARDS

THANK YOU

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

03 June 2024 If the land is leased for any agricultural activity or for cultivation, the lease rent will be exempted.

raghavendra b

raghavendra b (Querist)

03 June 2024 THANK YOU SIR,

YES SIR THEY HAVE DOING AGRICULTURAL ACTIVITIES. DO I DECLARE AS AGRICULTURAL INCOME UNDER EXEMPT COLUMN.

ONE OF MY CLIENT RECEIVED DEATH CUM RETIREMENT GRATUTI BY ONE YEAR LATELY THE AMOUNT RECEIVED FROM DEPARTMENT IS FULLY EXEMPT U/S 10(10).

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

03 June 2024 Check form 16 and take decision. Generally Gratuity up to Rs. 20 lakhs (increased to 25L now) is tax exempt.

raghavendra b

raghavendra b (Querist)

03 June 2024 THANK YOU SIR FOR YOUR REPLIES,

ONE OF MY CLIENT HAS DIED 3 MORE YEARS AGO RESIDENTIAL HOUSE PROPERTY REGISTERED HIS SPOUSE NAME NOW RENTAL INCOME FROM HOUSE PROPERTY RECIEVED BY HIS HUSBAND THROUGH BANK ACCOUNT. NOW HE HAS TO DECLARE HIS WIFE RENTAL INCOME IN ITR UNDER CLUBBING PROVISIONS IF YES HOW TO SHOW IN ITR.

THANK YOU SIR

raghavendra b

raghavendra b (Querist)

03 June 2024 SORRY SIR MY CLIENT'S WIFE DIED CORRECT IT

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

03 June 2024 When wife died, let husband get property transferred to his/legal heir's name. Till then let him declare rent income under his own ITR directly.

raghavendra b

raghavendra b (Querist)

03 June 2024 THANK YOU SIR FOR YOU REPLY,

STILL THE HOUSE PROPERTY IN HIS WIFE'S NAME NOW TRANSFER PROCEDURE WILL END THIS YEAR SO I CAN DECLARE HER RENTAL INCOME UNDER OTHERSOURCES OF INCOME.

THANK YOU SIR

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

03 June 2024 You should not file the ITR of dead person. Let husband declare the income in his ITR as he is receiving rent now.

raghavendra b

raghavendra b (Querist)

03 June 2024 THANK YOU SIR,

I AM NOT SAYING TO DECLARE WIFE'S NAME JUST I AM GOING TO SAY RENTAL INCOME FROM HOUSE PROPERTY IN HER HUSBAND'S NAME.

THANK YOU SIR FOR ALL YOUR REPLIES PATIENTLY CLEAR MY DOUBTS

THANK YOU SIR

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

03 June 2024 You are welcome.

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