Please Help: Agriculture Income
Posted Date : 24-Jun-2011 , 01:27:08 am | Posted By devender mehta
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.
Category : Income Tax | Answers : 2 | Comments : 0 | Hits : 430
Answers
Answer By: CA VIKAS JAIN
yes, both income will be considered as agricultural income and same are exempted under sec 10(1).
Answer By: Vikash Kumar Jha
Income which arise in the nature agriculture is exempted.
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