Consider the following statements: Statement I: In India, i

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Consider the following statements:
Statement I: In India, income from allied agricultural activities like poultry farming and wool rearing in rural areas is exempted from any tax.
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?

[UPSC 2025 GS I Question Paper with Answer Key]

A Both Statement I and Statement II are correct and Statement II

B Both Statement I and Statement II are correct but Statement II does not explain Statement I

C Statement I is correct but Statement II is not correct

D Statement I is not correct but Statement II is correct

EXPLANATION

https://cleartax. in/s/agricultural -income# https://www.bu sinesstoday.in/ per...

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