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Agriculture Income
If partnership's agriculture income shall be treated as a agriculture income if one of the 3 partner is only Farmer??
Replies (3)
is the firm engaged in agricultural production
as per section 10(1) agriculture income is exempt but as per section 2(31) person include individual , firms, huf etc...therefore firm is treated as a seperate person...if firm is engaged in a agricultural business than only it will be treated as agricultural income
yes firm is engaged in the agriculture income
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