18 November 2019
As per Explanation 3 to Sec.2(1A), any income derived from saplings or seedlings grown in a nursery is deemed to be agricultural income. Also, Clause (a) to the said section states that any rent derived from Land which is used for agricultural purposes is agricultural income. If so, can it be said that Land rent recieved from an nursery is agricultural income?
CAclubindia
