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Agriculture income
Mr.Rajesh has earned an income of Rs.45000 from Letting out his rural agriculture lands for a movie shooting. Will this income be regarded as agriculture income and hence exempt.?
Replies (3)
No sir, this income will be taxable because here no agricultural activity is involved.
Any rent received from letting out agricultural land for agricultural purpose is exempt but in this case the land is given on rent for purposes other than agricultural hence it shall be taxable.
There are various case laws in support of this view.
Any rent received from letting out agricultural land for agricultural purpose is exempt but in this case the land is given on rent for purposes other than agricultural hence it shall be taxable.
There are various case laws in support of this view.
AGREE WITH HARSHAL, INCOME W'LL NOT EXEMPT
Thanks Sir.
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