Question

Income From Letting Land For Rearing of Livestock Rs. 90,000

A - Fully Agricultural Income
B - Rs. 54,000 is Agriculture Income & Balance is not
C - Rs. 45,000 is Agriculture Income & Balance is Not
D - Fully Non - Agricultural Income​

Answer 1

Answer:

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Answer 2

Income from letting land for rearing of livestock ₹ 90000 is

(D) Fully Non - Agriculture income.

As any income from livestock, or animal husbandry or rearing animals for selling is not considered as agriculture income hence it is fully " NON AGRICULTURE INCOME "

AGRICULTURE INCOME

Agricultural income defined under section 2(1A) of the Income Tax Act, 1961 are :-

• Any rent or revenue derived from land.
• The land situated in India.
• Land being used for agriculture purposes.
• The assese has intrest in land.

NON - AGRICULTURE INCOME

The following items are not derived for agricultural purposes, hence they are non - agricultural income :-

• Income from land used for storing agricultural produce.
• Income from supply of water for irrigation purpose.
• Income from stone quarries.
• Income from minning royalties.
• Income from sale of earth for brick making.
• Income from poultry farm, diary farming etc.
• Income from markets.
• income from sale of self grown trees, bamboo etc.
• Income of a buyer of a rice crop.
• Income from interest from arrears of rent of agricultural land.