setoff
This query is : Resolved
19 February 2009
Hi Experts, please clarify my doubt.
I am private employee, getting 1.5 lakh per month. I would like to buy an agriculture land so that i can setoff agriculture loss against my salary income to reduce tax burden.I had no other source of income.Please suggest me how to setoff agriculture loss against salary income.
Thanks in Advance
I am private employee, getting 1.5 lakh per month. I would like to buy an agriculture land so that i can setoff agriculture loss against my salary income to reduce tax burden.I had no other source of income.Please suggest me how to setoff agriculture loss against salary income.
Thanks in Advance
19 February 2009
The law does not permit for such a set off. Pl refer section 71(2A) of the income-tax act,1961.
19 February 2009
Where income from a particular source is exempt from tax loss from such a source cannot be setoff against income chargeable from tax. since agricultural income is exempt under section 10 agricultural loss can not be set off against salary income.
19 February 2009
Business LOss cannot be set off against salary income
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