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tax implication on agri income from leased land
can i lease agri land from my in laws? what are the tax implications on income from that land? what documentation is needed for proof?
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Can i lease agri land from my in laws?
Yes, it the state laws permit for any such lease.
What are the tax implications on income from that land?
Depending upon activity over the same. Any agricultural income would be tax-exempt.
What documentation is needed for proof?
Registered lease agreement with lease payment receipts. For any agricultural activities, related purchase and sell bills.
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