Whether harvesting jamoil trees is taxable.?
This query is : Resolved
30 January 2017
Hai, good morning friends
I have a doubt regarding jamoil trees harvesting.
My father had started harvesting the jamoil trees since 3 years in a leased land around 50 acres, this year trees are ready for cutting and selling. The amount of proceeds after sale is comes to around 50 lakhs.
Whether the income received from that trees is agriculture income.?
Can I claim as exemption.?
And how can I show the amount in income tax return.?
Please suggest me.!!!
I have a doubt regarding jamoil trees harvesting.
My father had started harvesting the jamoil trees since 3 years in a leased land around 50 acres, this year trees are ready for cutting and selling. The amount of proceeds after sale is comes to around 50 lakhs.
Whether the income received from that trees is agriculture income.?
Can I claim as exemption.?
And how can I show the amount in income tax return.?
Please suggest me.!!!
31 January 2017
It is an agricultural income exempted from income tax. Show the income in the IT return under exempted income.
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