Agriculture loss

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23 June 2014 CAN SET OFF AGRICULTURE LOSS AGAINST ANY INCOME

23 June 2014 agriculture income/loss arising out of agriculture land not considered as capital asset under section 10(14) is exempt. so cannot be set off against other incomes. agriculture income from land considered as capital asset 10(14) can be set off as per normal set-off rules.

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23 June 2014 CONTINUE WITH U AFTER READING THIS SECTION

23 June 2014 agriculture loss can not set off due to agriculture income is not taxable . under the income tax act loss of exempt income head not set off with the taxable head and vice versa.

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Querist : Anonymous

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24 June 2014 CAN I CONVERT AGRICULTURE LAND INTO NON-AGRICULTURE LAND

24 June 2014 yes you can convert.......

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24 June 2014 IF I DOING BUSINESS ON AGRICULTURE LAND THEN WHATEVER REVENUE GENERATED R EXEMPT OR NOT

24 June 2014 no...then no exemption is available....

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25 June 2014 IF I DOING BUSINESS OF AGRICULTURE ON NON-AGRICULTURE LAND THEN WHATEVER REVENUE I GENERATED R EXEMPT OR NOT

25 June 2014 it is not exempt.............

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Querist : Anonymous

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26 June 2014 I'M FARMER , I EARNED RS. 35 LACS OUT OF IT THEN CAN I FILE NIL RETURN. I HAVE NO ANY OTHER SOURCE OF INCOME


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