Kavi got the following incomes for the Financial Year 2021-22: (i) Income derived from saplings grown in the nursery amounting to ₹5 lakh (ii) Income derived from removing the hay from the basic grains ₹2 lakh (iii) Rece
CS Executive · Tax Laws · PYQS · June 2022
Kavi got the following incomes for the Financial Year 2021-22: (i) Income derived from saplings grown in the nursery amounting to ₹5 lakh (ii) Income derived from removing the hay from the basic grains ₹2 lakh (iii) Received rent for agriculture land of ₹3 lakhs which is given of seedlings to Aryan Compute the total income that is chargeable to tax in the hands of Kavi for the Assessment Year 2022-23?
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B), (D). Official source note: Option B is correct if Mr. Kavi derived income from removing the hay from the basic grain without engaged in basic operations of growing crops. Option D is correct if Mr. Kavi derived income from removing the hay from the basic grain with engaged in basic operations of growing crops.
Topics: Income Tax Act, 1961
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