Query regarding set off of agriculture loss

Ankur (na) (252 Points)

18 October 2011  

hello friends , please help to sort out the following doubt,

suppose a person suffers huge loss in agriculture business in one year and next year he makes huge profits in agriculture business. now can he , in the next year , set off his previous agriculture loss from current agriculture profits to arrive at net agricultural income which is to be taken into account for rates purposes while calculating his tax liability in the current year???????

thanking in anticipation.