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Whether a rent from agriculture land

ITR Filing 782 views 2 replies

CA Sourabh Jain

Practicing Chartered Accountant

132 Points Posted on 11 February 2014

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.

Replies (2)

Mihir

Wealth Manager

5293 Points Posted on 11 February 2014

It will be chargeable to tax under the head income from other sources. Wait for more replies.

Rohit Gupta

Audit Executive

271 Points Posted on 11 February 2014

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

RHT1203 @ GMAIL.COM