Immovable property: income from property may be taxed in the State where the property is situated under treaty rules.

Income from immovable property is taxable in the Contracting State where the property is situated. "Immovable property" is defined by the law of the State where the property lies and includes accessories, livestock and equipment for agriculture and forestry, rights subject to landed property law, usufruct, and rights to payments for working or the right to work mineral deposits and other natural resources, excluding ships, boats and aircraft. The rule applies to direct use, letting or other forms of use and extends to enterprise income and income used for independent personal services.

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