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Dear Singla Sir, 1. I would be thankful if you could please suggest WITH CITATIONS as to how that income from sale of agricultural land beyond certain municipal limits is not taxable at all.
2. Sec 43CA reads "...transfer by an assessee of an asset (other than a capital asset), being land or building or both...". Kindly explain me this also that how is it not applicable?

Respected Experts,
Rural Agricultural Land is not a Capital Asset, hence capital gains are not applicable on its sale.
Then under which head such income is taxable?
- If it falls under "Income from Other Sources"?
- or is it not taxable?
If the provisions of Sec. 43CA are applicable on sale of Rural Agricultural Land ?
Please enlighten me.

Requesting experts to throw light on the issue and cite circulars/case laws/etc.

Dear CA Mr Manoj,
I would be thankful if you could cite any circular, ruling about this.
My view was that my interet income is credits minus debits and its NOT that i want to claim deduction of car loan interest. When you have to see my income from iinterest, its the credit balance of intrest a/c. Sec 57 doesnot explain either.

dear shome. the matter is not of denigrating - we were just comparing that whats happening in UK and India.
and about the word i used - its truth, we were slaves - remianing silent woudn't change our past - yes we could throw away that unpleasant past by attaining hights after getting independence like many countries did so.
at the same time i drew attention towards the proud past by pointing on what Macauley had stated about India in the British Parliament. and based on his report, our culture was education system was destroyed in a planned way. In fact we were much much better until then than what we are now in this country of princely states.

thanks manoj.
but perhaps we can argue on the point.
Yes- Interest on car loan is personal expense. BUT the interest in SB a/s is also personal income (not a salary or business income).
what is my income from ineterst under the head of Other Sources. its credits - debits. and if debits are greater, the net is zero (not negative).
i dont want to adjust car loan interest from Salary or Business Income - but within the head of other sources.

Hi Asutosh... I fully share the pains u have.
We have have been copying british nonesensely.
bt on the pt. i may have a bit different feeling on this point.
during the past, and they have gone much ahead of us so far discipline and civic sense is concerned... or say we have lagged much behind. (their Lord Macaulay had duly certified that we were much ahead in 1933 or 1935).
Whether our leadership / governance has done anything for the re-attining of that level of culture and civic sense that was spoiled by british, or say by us under their influence.
Unfortunately, the leaders of "independant india" remained 'dependant' on money and unethic & corrupt practices to get political gain, and did nothing for real development, or say did enough to sabotage the human values in indians.
today UK can abandone the dress as their conuntrymen and professionals have achieved a high degree of self discipline in thieir lives - they dont spit or urinate on/besiedes roads, they dont break the ques, . Have we done so ??
we are mad behind cricket - a game in which we slaves had a duty to collect the ball baatted by the Rulers. A game which is a blot on us, a game which can not be said as a real Game, nor an Indian game, nor even an international game in fact... But we are mad and Govt is promoting...
Where have our own games gone?? What about our national game?? Could we neglect football and hockey at the cost of slave's cricket had our leaders even a bit of feeling for "Nation" ..
Sorry if i hurt your feeling.

Hi Aman,
I should appreciate, your replies were quite elaborate and perfect. So was the clarity of qn by singai.
(Im bored up of vague, non-explanotory qns. and ans)

my question is about the income from interest on deposits with banks. perhaps i should proceed with the example straightway.
A salaried person has earned interest amounting to Rs.2,000/- in his bank accounts, and the interest accrued in his car loan account is Rs. 8,000/-. What is his income from interest: Rs.2,000/- or Nil (as loss can't be set off from salary).
I feel its nil, but the AO is adamant that interest paid on car loan is immetarial, and there is income of Rs.2,000/-.
Friends, please suggest.

i fully agree with sai prasad.
moreover, how can a minor claim exemption? whos income is assessible in the hands of parents.

agree with ca manoj gupta.
may i clarify a bit more: it is restricted to "equity shares". so no pt. of confusion. warrants are not qualified.
(just to share - sometimes better to say - these days they are mostly traded, warrants are also traded on stock exchanges)

perhaps some exemption can be availed if the land is 'agricultural'.
please clarify 1st.

Dear Experts,
Please suggest: -
1. if Photography and Astrology are professions or Business
2. If the Insurance / NSC agents, who are not eligible for ad-hoc deduction of expenses if their receipts is more than Rs.60,000/- - as per circular no. 594/1991, 648/1993 and 677/1994) can file returns u/s. 44AD .

the discussion was useful.
please suggest me if the Life Insurance / UTI Agents earning gross commission more than Rs.60,000/-(who are not eligible for ad-hoc deduction of expenses - as per circular no. 594/1991, 648/1993 and 677/1994) can file returns u/s. 44AD .
and if Photography and Astrology are professions or Business

Dear Sirs,
Kindly suggest me if the provisions of amended sec 44AD is applicable to : -
1. Professionals (Specified as well as Unspecified)
2. Life Insurance / UTI Agents earning gross commission more than Rs.60,000/-(who are not eligible for ad-hoc deduction of expenses - as per circular no. 594/1991, 648/1993 and 677/1994).
3. Photographers.
Regards,