AGRICULTURAL INCOME

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B.Com
21 Points Posted on 15 April 2021
A PERSON HAS NON AGRICULTURAL LAND ON WHICH HE HAS ACTUALLY CARRIED OUT AGRL OPERATIONS HAS SOLD THE PRODUCE TO WHOLESALE MERCHANTS. ALL DOCUMENTARY PROOF IS AVAILABLE ALONG WITH BANK A/C. CAN THIS BE SHOWN AS AGRL INCOME? UPON SALE OF LAND CAN IT BE CLAIMED AS EXEMPT IF ALL OTHER CONDITIONS ARE SATISFIED?
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On 15 April 2021 at 17:29 Report
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This discussion addresses whether income generated from agricultural operations on land not officially classified as agricultural can be considered agricultural income. It also investigates if the sale of such land can be claimed as exempt from taxes, provided all other conditions are met. The consensus suggests that while the income might be classified as agricultural, the sale of the land itself may not qualify for exemption.

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Chartered Accountant
24588 Points Posted on 15 April 2021
Yes it might be considered as agricultural income
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On 15 April 2021 at 21:16
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2742 Points Posted on 18 April 2021
Yes it's an agricultural income , but on sale of land cannot be claim as exempt
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On 18 April 2021 at 08:18

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