February 03, 2016
INCOME TAX - Most Abused
What is the Logic in these cases ?
( 1 ) No Long Term Capital Gains on Sale of Agricultural Land even if in Crores - No need to File even Returns .
( 2 ) Income Tax and other benefits to even those Rich Farmers who do not till Land but give it on Lease ( Thekey ) -a NRI in England coolly sits back and enjoys All Tax benefits / freebies without even once wielding a Plough or even visiting India.
( 3 ) Palatial Farm Houses attract No Property Tax / Wealth Tax , when even a Modest Shop on a Non Agriculturist is subject to Multiple Taxes.