Tax implications on sale of rubber trees
This query is : Resolved
24 November 2015
Dear Sir/Madam,
My dad sold less than 1000 old rubber trees with the intention to replant the rubber trees again.
Do the sale proceeds is treated as capital receipt and thereby no tax at all or does it form part of agricultural income and thereby considered for rate purposes.
An expert opinion is highly appreciated
Thanks
My dad sold less than 1000 old rubber trees with the intention to replant the rubber trees again.
Do the sale proceeds is treated as capital receipt and thereby no tax at all or does it form part of agricultural income and thereby considered for rate purposes.
An expert opinion is highly appreciated
Thanks
24 November 2015
Sale proceeds is not taxable, since the cost of growing and maintaining them may well exceed the sale price.
Inference :- Kalpetta Estates Ltd. v. CIT (1996) 221 ITR 601 (SC).
Inference :- Kalpetta Estates Ltd. v. CIT (1996) 221 ITR 601 (SC).
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