Can this be shown under head profits or losses from business
This query is : Resolved
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?
21 October 2016
If the land is held as business asset then you can do that.
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Free lancer income
- LTCG for Assmt year 26-27
- Loan by Partnership Firm
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Soyabean hsn code and gst rate
- NON- SUBMISSION OF LLP FORM 3
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
