As per Rule 7 of the Income-tax Rules, 1962, in determination of market value of agricultural produce which is not capable of being sold in the market in raw form or after application of any ordinary process, the market value will be:
A. Expenses of cultivation.
B. The land revenue or rent paid for the area on which it was grown.
C. Amount which the Assessing officer may regard as representing the reasonable profit.
D. Total of all of the above.
Answer:D
As per Rule 7 of the Income-tax Rules, 1962, in determination of market value of agricultural produce which is not capable of being sold in the market in raw form or after application of any ordinary process, the market value will be:
A. Expenses of cultivation. B. The land revenue or rent paid for the area on which it was grown. C. Amount which the Assessing officer may regard as representing the reasonable profit. D. Total of all of the above.