30 December 2010
case 1 : Mr.x taken an agricultural land for lease from Mr.Y for1,00,000/- and he(mr.X) earned1,50,000/- from such Land?
Qs 1. Is income received (rent) by Mr.y is an agricultural Income?
Qs.2. Income earned by Mr.X can be treated as agricultural Income?
(MY Opinion : As per Agricultural Income def : Rent or Revenue Received can be treated as agricultural Income So, Income earned By Mr. Y can Be treated as agricultural Income and What about Mr. X who is earning income from agricultural activity on leased agricultural Land.?
CAclubindia
