Tax on Agricultural Land given on Rent (Theka)

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  1. sir if i give aggriculture land on aggrement (theka)that income will be consider as aggri income and will be incometax free?or not
     
  2. king999maker

    king999maker Active Member

    As per Sec 2(1A) agriculture income means any rent or revenue derived from land which is situated in India and is used for agriculture purpose. Hence, it is an exempted income under Sec 10(1). However, if the assessee is an individual, HUF, unregisterd firm, AOP, BOI or other artificial person and net agriculture income exceeds rs. 5000 then, tax on agricuture income is leviable indirectly: Step 1 - first tax has to be calculated on the total income (including agriculture income) Step 2- calculate Tax on Maximum Exemption Limit + Agriculture Income Step 3 - Deduct the tax computed in Step 2 from tax computed in Step - 1

    Read more at: http://www.caclubindia.com/forum/ta...sed-agricultural-land-249094.asp#.VQkREOEYHQc
     
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