Regarding tax on Agriculture income

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Deepak Parsai (Querist)
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08 April 2010 How to treate sec 80c to 80u in calculation of tax, when agriculture income above 5000 & non agriculture above basic examption limit. And how tax will calculate when non agricltr income is only from lottery or capital gain ?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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08 April 2010 Income from lottery is taxable separtely as per section 115BB.
As per my view, for other than income , you can take deduction u/s 80 C to 80 U.
Other expert's views are solicited.

ca dipti sharma

ca dipti sharma (Expert)
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08 April 2010 U can not take the benifit of sec 80 c to 80i against lottery and capitag gain.

Deepak Parsai

Deepak Parsai (Querist)
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08 April 2010 Thanks. But i want to know tax calculation when there is both agriculture and non-agrcltr income and he invest 1 lacs u/s 80c.
I read in a book that in this case non-agricltr income means Gross total income, so, what's about sec.80c.

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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08 April 2010 DED'N OF SEC 80C AVAILABLE ONLY ON YOUR TAXABLE INCOME.

IF YOUR GTI IS 200000 - 80C 100000= 100000 THEN NO TAXABLE INCOME, NO TAX LIABILITY.

BUT IF YOUR GTI IS 300000 - 80C 100000 = 200000 IS TAXABLE INCOME
+ AGRICULTURE INCOME SAY 10000
= 210000 IS AGGREGATE INCOME
CALCULATE TAX ON IT IE 5150
LESS TAX ON AGRICULTURE INCOME IE 1030
= 4120 IS NET TAX PAYABLE

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