Hi,
I am a salaried employee of reputed organization. I also have farm land which I got from my ancestors.
My question is if there is a loss in agriculture, can I set that off against my salary & reduce my taxable income?
Regards
Milind.
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Loss from agriculture income
Replies (1)
No, salary income can not be set off with the other heads's losses.
furhter, since the agricultural income is exempt u/s 10 of the income tax Act, its loss also can not be set off against the income of any other heads.
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