Renting of Agriculture Land
This query is : Resolved
14 September 2020
One of our party has given is agriculture land on rental basis for which the tenant pays Rs 5 Lacs a year. He is sowing crop and selling it in market. Will the rent received be exempt from tax as agriculture income or not.
14 September 2020
Rent received from agricultural land used for agricultural purpose is treated as agricultural income.
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