Dear there,
Can you pls let me know about the taxability of Agirucultural subsidy received by an Individual.
My client received agri subsidy of Rs.3 lacs fron NHB, should it be added with his agri income or not?
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Taxability of Agri Sibsidy
Replies (3)
Mr.Prakash
Pleasse enlighten me on the subject 'agri subsidy' and 'n h b'
Best Wishes
Sathikonda
Mr. Prakash. THe subsidy will not be treated as agri income as it falls outside the scope of agri income as defined in sec2 of the I.T. Act
Dear Prakash,
Replanting subsidy is not agricultural income - Replanting subsidy received from Rubber Board is not agricultural income - Vaikundam Rubber Co. Ltd. v. State of Tamil Nadu (No. 1) [1993] 202 ITR 586 (Mad.)/CIT v. Malayalam Plantations (India) Ltd. [1993] 204 ITR 735 (Ker.).
I think If it is "CAPITAL" in nature then it will be exempt otherwise it will be treated as "Taxable Income" & Not "AGRICULTURE iNCOME"
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