Agriculteral loss for Imcome Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 August 2010
Hi ,
I am salaried person. I also have agricultural land at my town wherein I lost nearly 2L this year bcz of improper rain. Can this agricultural loss can be deducted from my taxable amount ? Is ther any way to have benefit from Agri loss.
I am salaried person. I also have agricultural land at my town wherein I lost nearly 2L this year bcz of improper rain. Can this agricultural loss can be deducted from my taxable amount ? Is ther any way to have benefit from Agri loss.
Aditya Maheshwari
(Expert)
19 August 2010
No since profit is exempt loss cannot be set off against any income.
19 August 2010
AGREED, LOSS OF EXEMPTED INOCME CAN'T BE SET OFF WITH ANY TAXABLE INCOME AND CAN'T BE CARRIED FORWARD.
19 August 2010
Since agricultural income is exempt from income tax, no benefit will be available for agricultural loss too.
PANKAJ KHURANA
(Expert)
19 August 2010
AGREED, LOSS OF EXEMPTED INOCME CAN'T BE SET OFF WITH ANY TAXABLE INCOME AND CAN'T BE CARRIED FORWARD.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
