can partnership firm offer only agriculture income?
as land is not owned by a single partner in partnership firm.
2 Replies
HARPREET SINGH
(Chartered Accountant)
(79 Points)
Replied 18 December 2012
Can you please elobrate your question.
CA Hardik Bunha
(self)
(2121 Points)
Replied 18 December 2012
a partnership firm in which 21 partners want to carry agriculture process on land, So as per income tax act agriculture income will generated. But here land is not owned by single partner. means not a single partner carry agriculture process. here land is one and process is done by 21 partners.
If agriculture income is taken then this is exempt income then how can profit will be shared in income tax computation of partners.
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