DEAR SIR/MADAM,
PLEASE TELL SOMEONE
MR. A LIVING AT LUCKNOW HAS PURCHASED A FARM HOUSE & CONSTRUCTED A HOUSE IN A VILLAGE WHERE THERE IS NO MUNICIPAL AREA. WHETHER THIS FARM HOUSE AND CONSTRUCTED HOUSE IS TAXABLE OR NOT?
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Tax on farm house
Replies (2)
Income of a farm house shall be treated as agri income if following conditions are satisfied:
i) if land is assessed to land revenue: It is situated in the immediate vicinity of land & used as a store house
ii) if land situated outside urban area: It is situated in the immediate vicinity of land
both the farm house and constructed house are capital assets and hence when the same will be sold, capital gains will arise.
for more queries : https://knowyourtaxation.blogspot.in/
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