21 October 2016
An assessee is having an urban land on which some fruits and vegetables are grown in order to maintain the land there are expenses. Can the losses out of such land be shown under business head or other sources. The assessee is having income under other heads also.
21 October 2016
This loss is out of agricultural operations on land, which can't be adjusted under business or other heads. In view of agricultural income is exempted from tax.
21 October 2016
yes sir as its not an agricultural land it is not an agricultural income thus not an exempted income. As its not an exempted income can we set off the losses from such land produce? Would it be better to show the same under other sources?
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