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Loan waiver

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(Querist)
23 May 2019 Rajasthan government waives farm loans up to Rs. 2 lakh for the short term crop loans. Is the loan wavied to the farmers is an income in the hand of farmer ? If yes then under which section of The Income Tax Act ?
Please guide..
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 May 2019 It is not an income since 41(1) doesn't attracts being loan availed is not for business purposes.

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