Agricultrual income for partnership
This query is : Resolved
12 August 2011
We have a partnership firm named ABC in which there are 2 partners of 50% each. The firm has no business / or other income other than the agricultural land they own. From this land they get an income of Rs.20 lacs per year. Is this income 100% exempt from tax. or iyts like (20,00,000*33%) - (20,00,000*10%).
Please help me
thnx in advance
Please help me
thnx in advance
CA Shyam Agrawal
(Expert)
13 August 2011
100%EXEMPT
CA. Krishna K Neeraj
(Expert)
15 August 2011
Yes 100% exempt
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