Please Help: tax on sale & purchases of cattles
Posted Date : 29-May-2012 , 06:15:01 pm | Posted By: Vandna
Category :
Income Tax | Answers :
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Comments :
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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 |
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Answers:
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 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.
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| Answer by: Rambabu Senkarasetti |
| What Mr. Agarwal said is right.
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| Comments |
| Posted By : Sourav |
30-May-2012, 06:40:11 |
| If the person is not in the business of selling & purchasing cattles then same if takes place is chargeble under IOS. |
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| Posted By : LALIT |
30-May-2012, 10:53:11 |
| I Think it is a taxable income and will be taxable under the head pgbp if its his regular business otherwise other sources. |
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