Agriculture loss

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mentor
636 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..

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On 29 August 2021 at 23:40 Report
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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.

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Self Employeed
119 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
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On 30 August 2021 at 00:11
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Chartered Accountant
16188 Points Posted on 30 August 2021
No you cannot set off as it is exempt
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On 30 August 2021 at 07:15

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