Agricultural income
This query is : Resolved
27 December 2013
Whether godown given on rent to a person storing agriculture produce shall be treated as agricultural income for the purpose of exemption? Depreciation on such godown shall be deductible or not from the taxable income?
29 December 2013
Provided it is not in the city or town or within the local limits of the municipal area and the go-down is constructed on the agricultural land. Once the income is exempted no need to allow depreciation.
30 December 2013
Otherwise it will be treated as income from renting and accordinly will be taxable.
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