Income from immovable property may be taxed in the State where the property is located under DTAA rules. Income derived by a resident of one Contracting State from immovable property situated in the other Contracting State may be taxed in the State where the property is located; this includes agriculture and forestry income and income from direct use, letting, or other exploitation. The term immovable property is governed by the law of the situs State and includes accessories, livestock and equipment used in agriculture and forestry, land-related rights, usufruct and payments for rights to work natural resources, while ships, boats and aircraft are excluded.