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Agricultural Income
If a person does not work self on is farming land. But he earns rs 4,00,000/- per anum by his agricultural land. If he liable to pay tax or should he pay such income under head of income from other source?
Replies (5)
not liable to pay tax
What is the nature of such income? Whether it is from Renting out of such agriculatural land?
If the Agri Land is rented out for Agricultural Purpose, then the income of Rs.4Lakhs shall not be taxable if this is the only income you have for the year. But if you do have any other income, then agricultural income shall also be taxed indirectly.
If Agri Land is rented out for other purposes like shooting of films, exhibition, etc.. then the income of Rs.4Lakhs shall be taxable under Income from Other Sources.
If such person is retired govt. employee and getting intt. on FD of rs. 100,000/- then should he liable to pay tax on total income of agricultural + intt. on FD
No. The income (other than the Agri Income) should exceed the basic exemption limit.. only then the agri income is taxable.
no tax liability on that person
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