09 July 2012
If I give a ware house on rent to others and ware house is located on agricultural land and agricultural product is store in ware house. what will be the taxability of rent rec whether this rent income will be consider as agricultural income or not
09 July 2012
Income attributable to a farm house subject to the condition that building is situated on or in the immediate vicinity of the land and is used as a dwelling house, store house etc is considered as agricultural income.
The definition mentions farm house and not a warehouse. These two are quite distinct from each other.
In my opinion, the income would not be considered as agricultural income.
CAclubindia
