hello,
I received agriculture land from my father no payment made to them for it now it register in my balance sheet and i received agriculture income also so my question 1 is land received will be show in balance sheet ? how it will be shown? 2 what about income from agriculture it will be add to my balance sheet reserves or capital? 3 also my grandfather gifted me money to buy flat where it be shown in xml of income tax itr?4 4 any penalty for non filling of income tax as taxable income below limit
3 Answers
Hi,
Is income from Agriculture is the only source of income for you?
- If your agricultural income is less than Rs 5,000 in a Financial Year, it is tax free.
- If agriculture is your only source of income, such income is tax exempt.
- If you have agricultural income and also have other income from salary/business , and the total income excluding agricultural income is less than basic income exemption (i.e., more than Rs 2.5 Lakh for AY 2016-17) limit then there will be no tax liability.
thank you sir but i had business income less than 5lakh
i already read all u r artical they are good clear my doutes but my question where i can show this in my balance sheet agri income and inheritance land i received from father
@shreekanth
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