Father was in the profession of agriculture in his income taxable

We have good agricultural land in a village of Uttarakhand. My father was in the profession of agriculture from last 50 years. I was also working with him in the same profession of agriculture. He died in February 2014 with throat cancer. He gave me agricultural land through registered will. He used to give his income mostly in cash and sometimes cheque which I used to deposit in my bank accounts.For some money I have kept in saving account and also prepared fixed deposits in my bank accounts. Is this money taxable in income tax?

Answers (1)

308 votes

Dear sir, in India agricultural income is totally tax exempted. There are no any tax liability in case of agricultural source of income. But where and how you are investing money that can create a scene of paying tax. In case of FD bank will deduct TDS on FD that you have to pay. Feel free to ask for any tax assistance.

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