Economy : Tax Structure In India

Q 1 / 12
Consider the following statements :
  1. Statement I : In India, income from allied agricultural activities like poultry farming and wool rearing in rural areas is exempted from any tax.
  2. Statement II : In India, rural agricultural land is not considered a capital asset under the provisions of the Income-tax Act, 1961.
Which one of the following is correct in respect of the above statements?