Taxability of profit on purchase and sale of paddy
This query is : Resolved
Surya Aatukoori
(Querist)
21 December 2023
Mr. X is a farmer. Apart from his own produce, he also purchases from other farmers. After keeping for certain period, say a year, he sells the same to a miller. Will the profit earned on sale of the produce (own and purchased) be taxable ? Or that will be exempt. Request for an Expert opinion. Thanks & Regards.
CA R SEETHARAMAN
(Expert)
23 December 2023
Profit earned on own produce not taxable but profit on purchased paddy taxable.
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