Please Help: tax on sale & purchases of cattles
Posted Date : 29-May-2012 , 06:15:01 pm | Posted By vandna
plz help me.
tell me plz if a person have some cattles sale and purchase it and have not any diary farm are it taxable under income tax act ? if yes under which head
tell me plz if a person have some cattles sale and purchase it and have not any diary farm are it taxable under income tax act ? if yes under which head
Category : Income Tax | Answers : 2 | Comments : 2 | Hits : 343
Answers
Answer By: CA. SURESH Kr. AGARWAL
Dear as per my opinion the sale and purchase of cattle are taxable under PGBP head. However if the some cattle are occasional sold then the same may be considered under other source.
But the correct head would be PBGP for charging the same under Income Tax Act.
But the correct head would be PBGP for charging the same under Income Tax Act.
Answer By: Rambabu Senkarasetti
What Mr. Agarwal said is right.
Comments
LALIT
30-May-2012 , 10:53:11 amI Think it is a taxable income and will be taxable under the head pgbp if its his regular business otherwise other sources.
sourav
30-May-2012 , 06:40:11 pmIf the person is not in the business of selling & purchasing cattles then same if takes place is chargeble under IOS.