Mr. X has mortgaged Land to Mr. Y, for Cash consideration.
Now Mr. Y, has used this land for Agricultural purpose.
- Does income arised from such activity, can be considered as an Agricultural Income for Mr. Y?
Rishi 3 (Tax Practitioner) (48 Points)
27 February 2014Mr. X has mortgaged Land to Mr. Y, for Cash consideration.
Now Mr. Y, has used this land for Agricultural purpose.
Mihir
(Wealth Manager)
(5293 Points)
Replied 27 February 2014
One will have to look at the mortgage deed whether Mr. Y has been expressly given the right to apply means to earn income from the land.