JOB
457 Points
Joined March 2010
term Agricultural Income mean
1.Any rent received from land which is used for agricultural purpose
2.Any income derived from such land by agricultural operations including processing of
agricultural produce, raised or received as rent in kind so as to render it fit for the market, or sale
of such produce.
3.Income attributable to a farm house subject to the condition that building is situated on
or in the immediate vicinity of the land and is used as a dwelling house, store house etc
4.Income earned from carrying nursery operations is also considered as agricultural income
and hence exempt from income tax.
and Income from dairy farming is not an agriculture income.
Thanks & Regards
Karandeep