Agricultural income definition expanded: rent from land and proximate building conditions clarified by amendment for tax treatment. The amendment treats any rent or revenue derived from land situated in India and used for agricultural purposes as agricultural income and specifies that appurtenant buildings qualify only if they are on or in the immediate vicinity of the land, required by the cultivator or receiver as dwelling/store/out building, and the land is assessed to land revenue or subject to a local rate, or, if not so assessed, is not located within defined municipal limits or within a distance the Central Government may notify.
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Agricultural income definition expanded: rent from land and proximate building conditions clarified by amendment for tax treatment.
The amendment treats any rent or revenue derived from land situated in India and used for agricultural purposes as agricultural income and specifies that appurtenant buildings qualify only if they are on or in the immediate vicinity of the land, required by the cultivator or receiver as dwelling/store/out building, and the land is assessed to land revenue or subject to a local rate, or, if not so assessed, is not located within defined municipal limits or within a distance the Central Government may notify.
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