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.
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.
19 August 2010
AGREED, LOSS OF EXEMPTED INOCME CAN'T BE SET OFF WITH ANY TAXABLE INCOME AND CAN'T BE CARRIED FORWARD.
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