Agriclutural income

  1. Dear Sir/Madam
  2. Pls Give me the ans of this following quetion  according to Income Tax Act
  3. Agriculture income to a resident of India from a land situated in Malaysia.?

Can this income is taxable in the Hands of Indian resident?

 

Replies (5)

Yes, if received in India

Yes for "resident" global income is taxable. Income from agri land situated in India will only be considered as Agri Income. Income from land situated outside India will not come under the definition of Agri Income. But chargeable as Income from Other sources.

Income from Land situated in malesiya is taxable in the hand of resident in india subject to condition that if goverment of india have a bialiteral agreement with malesiya goverment than it may not  taxable in india due to double taxation.

yes it is taxable as income from other sources. (Generally)

Loss if any can be claimed in computing the total income. (See the case of Carew & Co)

 

Regards

 

 "Agricultural income" means - 

 

(a) any rent or revenue derived from land which is situated in India and is used for agricultural purposes.

 

(b) Any income derived from such land.

 

Hence for the above query, the agricultural income will be taxable only to RESIDENT (ORDINAY & NOT ORDINARY) & NOT TO

NON-RESIDENT.

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