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Agricultural income

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(Querist)
25 January 2010 My client has taken on lease a agricultural land from a land owner. my client is now into agricultural activities in that leased land.will he be exempted from the income on the agricultural activites..

What is the status of income receoved by the actal owner of the land.Will it be exempt?
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CA PRIKSHIT GUPTA

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CA PRIKSHIT GUPTA (Expert)
25 January 2010 yes, agriculture income is exempt from tax. there is no effect, whether land is own or on lease.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
25 January 2010 Agree , for the purpose of taxablety of agriculture income their is no effect that whatever agr. land own or lease.
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Shakthi

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Shakthi (Querist)
27 January 2010 What is the status of income receoved by the actal owner of the land.Will it be exempt

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