Tax liability
This query is : Resolved
29 November 2011
During the Fin Year 2011-12, Mr 'A' had leased his agriculture land to Mr. 'B'against Rs.5 lakh. Mr. 'B' started agriculture and earned Rs.8 Lakh. Now what wiil be the Tax liability for Mr. A and Mr. B.
CA PARAS BAFNA
(Expert)
29 November 2011
If there is no other income, A & B will have no Tax liability.
For A it is Agriculture income -as rent is received for Ag Land.
For B also it is Agriculture Income , as he has carried on the agriculture activities.
For A it is Agriculture income -as rent is received for Ag Land.
For B also it is Agriculture Income , as he has carried on the agriculture activities.
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