Agricultural income and tax calculation.

Hi,

I have invested in the farming practised by my father. The sum invested is around a lakh of rupees. I have invested this on a tractor, not sure what type of an asset I should be claiming it as. The machinery is registered on my dad's name. Is there a way I or my dad can claim some tax rebate on this?

In addition I have been investing some money for the farming practise and incuring losses. Can I claim some tax relief upon the money I have spent on farming, and/or its losses. [well agriculture is not really profitable you see :)]

Thanks,

Balaji S