Income frm xport of agriculture crop of some medicine product as aleovera & musli is exempted or not

[ramesh bohra]

we have agriculture land 100 hector we are getting crop of some medicine product as aleovera and musli which we get crop and we export it we get income of that rs 100000/ que1. the above income is exempted or not

[Surender Gupta]

Whether your income is agriculture income or business income is to be determined first. The agriculture income is exempt from income tax. Business income is taxable. As such the export benefits are limited only to specific purposes else export benefits have been withdrawn from Income tax like 80HHC.

AI Summary

Agricultural income from crop exports may be exempt, but recharacterisation as business income renders it taxable. Classification of receipts from cultivation and export of aloe vera and musli determines taxability: if treated as agricultural income arising from cultivation on land, the receipts are exempt; if characterised as business income, they are taxable. General export benefits do not automatically apply, and certain export-related deductions have been withdrawn.