Agriculture income

Yes, Agro Land is Part of the Asset,

While Calaculating Capital Gain Purpose only the Agro Land is Not Asset.

Yes, Agro Land is Part of the Asset in the balancesheet.

 

Yes, agriculture asset is also required in balance sheet as every asset which is held by assessee is required to be added. it doesn't have any relation with it's taxability.

Yes. For acquiring the Asset you would have paid the Money. Then it is your Asset only. You should show under Fixed Assets in the Balance Sheet.

thanks to all for your responses......

dear all, this agriculture land was not purchased by the client ,,it was inherited 6 years ago and now it is in the name of client itself..

will it still come under assets ??

thanks

yes, it will be consider under asset.

JUST tell me one more thing guys.....

at which value should I show agricultural land in balance sheet?

should it be at circle rate at the time the land was inherited by the client or FMV as on the date of balance sheet???

pls suggest

thankss