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Waiver of crop loan taxable or not?
An assessee has business income as well as agricultural income. if his crop loan is waived then what would be tax implication.?
Replies (3)
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
Whether remission of crop loan treated as business income or agri. income?
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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