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Income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 March 2012 sir

i have taxable salary income current year, and have loss from agricultural income in current year

so can i set off salary income from agricultural income

please tell me which section ?

thanks
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Seema

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Seema (Expert)
24 March 2012 Loss from a source of income which is exempt from income tax (for example, an agricultural loss) can not be set off against income from a taxable source of income.
Agriculture Income is exempt under section 10 & hence loss from it cannot be set off.
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