sir , incom from farmhouse is exempt from tax. if we given it on rent then what is the tax treatment.
sajay kumar (IPCC STUDENT) (162 Points)
05 October 2010sir , incom from farmhouse is exempt from tax. if we given it on rent then what is the tax treatment.
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 05 October 2010
Dear Sajay,
Income from farm house is exempt if conditions specified in sec.2(1A) is fulfilled.In the given section, it is given as ANY INCOME. so definitely rent is also exempt, if satisfies all the conditions
Sunshine
(Helping All)
(10575 Points)
Replied 05 October 2010
yes...income from farmhouse of any type be rent is exepmted u/s 2 (ia)(c) if the conditions are satisfied
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