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Agricultural income or Capital Gain?
What should Sale of teak wood be treated as? As an agricultural income or Capital Gain? Request for clarification.
Replies (3)
If the tree trunks are cut and sold with stumps intact with scope for re-generation, the receipt would be agricultural income. If not, it could be sale of capital asset.
Refer: Sale-of-trees-ndash-whether-it-could-be-agricultural-income
Also refer: visitor/detail_article.asp?ArticleID=1336
if it is a self generated assets and its cost of acquisiton is indeterminate.. then no capital gain as this is not mentioned under section 55 therefore no capital gain (as per SC judgement in case of B C srinivasa setty.)
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