AGRICULTURE INCOME

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..... I HAVE BOUGHT MOUNTAIN LAND 15 ACRES..... AND HAVE PLANTED TREES LIKE SAFEDA, DARENK, ETC.... TWO GARDNERS HAVE ALSO BEEN APPOINTED FOR THE SAME ( FOR LOOK AFTER OF TREE AND FOR WATER THE PLANTS ) THE PLA PLEASE INFORM WHETHER INCOME AFTER CUTTING OF TREE.. WILL BE TAXABLE OR EXEMPTED ...... THANKS IN ADVANCE FOR PROMPT REPLY PLZ. - Reply By GOPALJI AGRAWAL - The Reply = Please clarify whether .....

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..... you had bought the trees with land or these are new trees grown up by you.If these are planted by you then is it ag. income. - Reply By DEV KUMAR KOTHARI - The Reply = From your query it is apparent that you have planted on the land and are carrying agricultural activities of cultivating the land. There wil be cutting to take crop and not to uptroot plant. In case the plant itslef is crop, then b .....

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..... y cutting the plant crop is taken. Therefore, the crop- plant, branhces, flowers leaves or even roots will be agricultural produces cultivated by you. When land is cultivated, the sale of crop grown will be agricultural income, even if the trees were planted by vendor. In case of standing crop purchased with land (or some rights in land) also if the crop is purchased in half matured condition an .....

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..... d the buyer carryout some operations of cultivating the land, the matured crop obtained will be agricultural produce and income derived from sale of it will be agricultural income. - Reply By Raman garima - The Reply = Income will surely be exempted as it would be considered as agriculture income, it would be the part of growing of sapplings which is covered under agriculture income defination - A .....

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..... GRICULTURE INCOME - Query Started By: - Sharad Aggarwal Dated:- 16-6-2010 Income Tax - Got 3 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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