Tax on agricultural land
2 years ago
The land has approximately value of 90lakhs and it is divided in 6 people on selling the land do a individual come under any kind of taxation
Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
Agricultural income is defined under section 2(1A) of the Income Tax Act, 1961. Agricultural income is wholly exempt from tax provided that the individual's i) total agricultural income is less than Rs. 5,000 and ii) the total income, excluding agricultural income, is less than the basic exemption limit.
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Agricultural income is defined under section 2(1A) of the Income Tax Act, 1961. Agricultural income is wholly exempt from tax provided that the individual's i) total agricultural income is less than Rs. 5,000 and ii) the total income, excluding agricultural income, is less than the basic exemption limit.
Please rate my answer
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A.Hi
Agricultural income is wholly exempt from tax provided that the individual's i) total agricultural income is less than Rs. 5,000 and ii) the total income, excluding agricultural income, is less than the basic exemption limit.
Please rate my answer
Thank You
Agricultural income is wholly exempt from tax provided that the individual's i) total agricultural income is less than Rs. 5,000 and ii) the total income, excluding agricultural income, is less than the basic exemption limit.
Please rate my answer
Thank You
Helpful
Helpful
Share
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