Income from immovable property may be taxed in the state where the property is situated 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 covers income from direct use, letting or other exploitation. The term immovable property follows the law of the State where the property is situated and includes accessories, agricultural and forestry assets, usufruct, and rights to payments for working or rights to work mineral deposits and other natural resources; ships and aircraft are excluded. The rule also applies to enterprise property income and property used for independent personal services.