Agricultural income

RAJ KUMAR (FINANCE MANAGER) (1393 Points)

04 August 2011  

HELLO FRIIENDS, IF A PERSON HAS BUSINESS INCOME OF RS. 10,00,000 AND HIS AGRICULTURAL INCOME IS RS. 5,00,000

AND HE PAYS THE INTEREST ON LOAN ON PURCHASE OF AGRICULTURAL LAND RS 50000

NOW FOR CLUBBING PUPOSE I HAVE TO TAKE RS. 4,50,000 AGRICULTURAL INCOME OR RS. 5,00,000.

PLS. TELL ME.

WHAETHER INT ON LOAN IS DEDUCTIBLE FROM AGRICULTURAL INCOME OR NOT.