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?
ABoth Statement I and Statement II are correct and Statement II explains Statement I
BBoth Statement I and Statement II are correct but Statement II does not explain Statement I
CStatement I is correct but Statement II is not correct
DStatement I is not correct but Statement II is correct
Answer & Solution
Correct answer: D. Statement I is not correct but Statement II is correct
UPSC CSE Prelims 2025 (GS-I, Set A), Q.5. Official answer key: D.
Related questions
Estimates of National Income in India are prepared by:Which one of the following is the primary source of energy in India?The 'tragedy of the commons' refers to:The three pillars of sustainability are typically:Sustainable development is best defined as:Kerala has a LOWER per capita income than Punjab but BETTER development outcomes in healthInfant Mortality Rate (IMR) measures:The Human Development Index (HDI) combines indicators from which three areas?