Hi,
If my client derives income from renting of his agricultural land for polls, whether it will be considered as agricultural income or income from other sources ?
If considered as Income from other sources, what deductions are allowed as such.
Thanks in advance
The income is generally considered "Income from Other Sources," not "agricultural income," as it is not derived from agricultural activity. Deductions under Section 57 are permitted for expenses incurred wholly and exclusively to earn this income, such as collection charges or maintenance costs related to the agreement.
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
Getmyca Consultant Pvt Ltd
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
