Taxability of Agricultural Income
This query is : Resolved
17 November 2010
One of My Client being A Pvt.Ltd Co.is taken Agricultural Land of 50 Biga on lease rent from farmer & carried out agricultural operations thereon and marketing of agricultural products grown on the same land.
Now query is whether income from sale/marketing of said agricultural products to the company is exempt or taxable and if taxable whether it can be claimed lease rent as expenditure against such income which paid to farmer.
Now query is whether income from sale/marketing of said agricultural products to the company is exempt or taxable and if taxable whether it can be claimed lease rent as expenditure against such income which paid to farmer.
17 November 2010
The same will be agriculture Income of the Pvt Ltd Co. which is exempt from Tax.
You have to Maintain separate accounts in which you may debot all the relevant expenses including the lease rentals.
You have to Maintain separate accounts in which you may debot all the relevant expenses including the lease rentals.
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