Hi all
I have a strange query. I have an Agriculture land of 25 Acres. Now Every Year i am getting an Agriculture Income of 6,00,000.
Now this Money is not taxable (Since Agriculture Income). Now i keep this Money Every year in Fixed Deposit, For 5 Years i do the same thing. So it comes to 5Yrs * 6,00,000 = 30,00,000 after the 5th Year.
Now i keep this 30L in FD on my Wife's name (HouseWife).
1) So is this Income Taxable? Since Agriculture Income.
2) So who will b Taxed for this, Since i have given this money to my Wife, and she put it as FD.
3) What are the other means i can avoid Income Tax filing.
Hope i am clear if not please mention i will explain in detail.
Thanks
CAclubindia
