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agrcultural income exemption
whether agricultural income exemption under section 10 - applicable for non - resident(land is situated in India)
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yesss
Agriculture Income is exempt, but Agricultural income is considered for rate purposes while computing the income tax liability, if following two conditions are cumulatively satisfied:
(i)Net Agricultural income exceeds Rs. 5,000/- for previous year, and
(ii)Total income, excluding net Agricultural income, exceeds the basic exemption limit.
Above provisions are only applicable to Individual Assessee. Like Ram, Shyam etc but not to company.
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