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Agriculture loss

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visu iyer

mentor

834 Points Posted on 29 August 2021

I am a salaried person; and my sources of income is from salary, interest/dividend also, loss in agriculture.

the question is : Can I adjust the agricultural loss with the salary and income from other sources.

the loss in agriculture is not a carry forward loss.. it is the loss incurred in the current fy.

I request the experts, to kindly guide me..

Replies (2)

Quick Summary

This discussion clarifies whether losses incurred from agricultural activities can be offset against salary or other income sources. The consensus is that since agricultural income is typically exempt from tax, losses from such activities cannot be used to reduce tax liability on other earnings.

VISHAL JAIN

Self Employeed

169 Points Posted on 30 August 2021

As agriculture income is exempt from tax therefore loss from agriculture activity cannot be setoff nor against salary income nor INcome from other sources