Agricultural unabsorbed dep

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28 November 2015 Partnership firm is real estate but real estate business not started. For the time being it is carrying on agricultural activities. Can unabsorbed depreciation in case of agricultural business be carried forward and set off against Real estate business profit in future?

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28 November 2015 No, as agricultural income is exempted it can't be set off against real estate business.

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Querist : Anonymous

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28 November 2015 Can Expenditure under agricultural income be deducted and net is available for exemption or gross agricultural income is to be exempted?

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28 November 2015 Do i Need to Prepare profit and loss account for agricultural profit?

28 November 2015 Only net agricultural income is exempted.

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28 November 2015 Is there requirement to prepare profit and loss Account?

28 November 2015 Yes you need to prepare profit and loss ac for agriculture.

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28 November 2015 Can I Claim Depreciation deduction against agricultural income?

28 November 2015 Yes you can claim.........

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Querist : Anonymous (Querist)
28 November 2015 SIr,
What about setting off of earlier unabsorbed agricultural depreciation loss against Current net agricultural income in case of current years belated return filing? can it be set off?

28 November 2015 carry over of depreciation will not affect belated return filing. It can be set off.


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