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agricultural income

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(Querist)
19 March 2009 wheather non agricultural land owner can be a partner in a firm which is already enjoying income tax exemption by engaging in it in agricultural activities&if he is eligible to be a partner wheather his share in the income is exempt.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
19 March 2009 Partnership profits are always exempt in the hands of partners whether that is agriculture income or business income.

Yes, A pertner can be admitted in partnership firm whether he has land or not or agri. land or non-agri land.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
19 March 2009 Yes.
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