My friend is working in Govt. sector and he is having Fish ponds at his native place, receiving revenue on sale of fishes etc., whether the income from sale of fishes is Business Income or Agricutural Income. Pl. give me advice. thanks in advance
Ramanjaneyulu Bollineni (Accountant) (61 Points)
02 February 2013My friend is working in Govt. sector and he is having Fish ponds at his native place, receiving revenue on sale of fishes etc., whether the income from sale of fishes is Business Income or Agricutural Income. Pl. give me advice. thanks in advance
Pankaj Gupta
(CA final & M.Com Student)
(3358 Points)
Replied 02 February 2013
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 06 February 2013
to term the income as agricultural income, the essential elements are land, human expenditure, soil etc...
In case of fish ponds no such elements are present, hence the income generated would be business income and not agricultural income.
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