Income from Agriculture: 5 Questions and their Answers

Agricultural income in India is categorised as a valid source of income and includes: income from sources that comprise agricultural land, income from buildings on or related to an agricultural land and commercial produce from an agricultural land.  Agricultural income is defined under section 2(1A) of the Income Tax and Act and such income earned by a … Continue reading Income from Agriculture: 5 Questions and their Answers

Capital gains exemption for investment in residential house: Top 5 Issues & their answers

Sale and purchase of house property: Capital gains exemption If buying and selling a house property, Section 54 allows an individual to be exempted from payment of capital gains tax on the profit, if: The seller is an individual or HUF. Asset needs to be classified as a long-term capital asset, being a residential house. The … Continue reading Capital gains exemption for investment in residential house: Top 5 Issues & their answers