AGRICULTURE INCOME

[Sharad Aggarwal]

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.

AI Summary

Income from Selling Trees on Owned Land Exempt as Agricultural Income if Cultivated by Owner; Tax Status Depends on Tree Origin. A user inquired about the taxability of income derived from cutting trees planted on recently purchased mountain land. Three respondents clarified that if the trees were planted by the landowner and agricultural activities are conducted, the income from the sale of these trees would be considered agricultural income and thus exempt from taxation. They emphasized that income from cultivating land and selling the resulting agricultural produce, including trees, is classified as agricultural income under tax laws. If the trees were already present when the land was purchased, further clarification would be needed to determine tax implications.