Agricultural Business Loss

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Assistant Professor
52 Points Posted on 29 November 2024

If an assessee has Agriculture Business loss can it be set off against normal business income?

These are the potential options I beleive please opine.

  1. Treating agriculture income as exempt income - so no question of set off
  2. Treating agriculture income as taxable income as per rule (7/7A/7B/8)  and there fore treated at par with business income and there fore set off allowed.

Which of these is correct option? 

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On 29 November 2024 at 06:12 Report
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SEO Sai Gr. Hosp.
121407 Points Posted on 29 November 2024

If it is business of agricultural produces, it is taxable; hence second option is correct.

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On 29 November 2024 at 09:13

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