one of an assessee is having a income from rent from agriculture land. as an moblie tower is established on it so whether the rent is chargable under the head 'income from house property' or 'income from other sources'. or is it exempted income due to income of rent from agriculture land.
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Whether a rent from agriculture land
Replies (2)
It will be chargeable to tax under the head income from other sources.
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As per Section 2(1A) Agricultural income" means any rent or revenue derived from land which is situated in India and is used for agricultural purposes. Since u r not using the land for the agriculture purpose so the income will not be exempt.
As per Section 22, Income shall be chargeable to income-tax under the head "Income from house property" if it consists of any buildings or lands appurtenant thereto of which the assessee is the owner. In your case it does not consist any building. So it will also not chargeable under this head.
As per Section 56 Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head "Income from other sources", if it is not chargeable to income-tax under any of the heads. In this section your income is covered so it will be chargeable under the Head Income from Other Sources.
Regards
Rohit Gupta
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