Please Help: Agriculture Income
Posted Date : 24-Jun-2011 , 01:27:08 am | Posted By: Devender Mehta
Category :
Income Tax | Answers :
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X gives his land situated in India to Y on rent and the land is used for Agriculture operations. Whether the rent is taxable in the hands of X. Also, whether the income of Y from sale of agriculture produce on such land is taxable. |
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Answers:
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 Answer by: CA VIKAS JAIN |
| yes, both income will be considered as agricultural income and same are exempted under sec 10(1).
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| Answer by: Vikash Kumar Jha |
| Income which arise in the nature agriculture is exempted.
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