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Father wants to gift amount received after selling agricultural land
11-Nov-2023 (In Property Law)
My father wants to gift the amount he is getting from the selling of a rural agricultural land.Will it be taxable for me when the amount comes in to my bank account?
As we are clear about what is an agricultural income, let’s now understand the scenarios where income from agriculture is totally tax-exempt;
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.
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.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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