if i just resell plants that I buy from nursery will my income be agricultural income?
as explanation 3 of sec2(1a) says carrying of basic operations is not necessary
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agricultural income
Replies (2)
Gain on sale of plants will be taxable under the head capital gain if situated in urban area.
if nursery plant is situated in rural India does not form part of the definition of a capital asset and hence, there will be no capital gains on the sale of such plant.
if nursery plant is situated in rural India does not form part of the definition of a capital asset and hence, there will be no capital gains on the sale of such plant.
good clarification and information
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