is rent on agriculture land considered as agriculture income for ay 2017-18?
2 Replies
Prity Agarwal
(CHARTERED ACCOUNTANT)
(363 Points)
Replied 24 March 2017
Rent on agriculture land shall be considered as agricultural income for AY 2017-18 only when the land has been used for agricultural purposes. And the same shall be exempt from tax.
However, if the land is being used for any other purpose other purpose other than agricultural produce then the same shall not be treated as agricultural income.
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