Shrikant Karwa (3 Points)
17 December 2018
Rakesh Bandal
(Self Employed and Agriculture)
(1349 Points)
Replied 17 December 2018
If agricultural crop loan is waived off by bank then there will be treatment, as when crop loan is taken and interest is paid on such loan interest was not allowed as dedcution for calculating business income (as loan was specifically taken for agricultural produce and agricultural income is exempt)
If wrong please correct
Shrikant Karwa
(3 Points)
Replied 17 December 2018
Shubham Gupta
(Business Consultants)
(2077 Points)
Replied 17 December 2018
If assessee has agriculture income
the same is exempt from tax
In case of loan waiver related to agriculture should be exempt too.
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