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Agriculteral loss for Imcome Tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 August 2010 Hi ,

I am salaried person. I also have agricultural land at my town wherein I lost nearly 2L this year bcz of improper rain. Can this agricultural loss can be deducted from my taxable amount ? Is ther any way to have benefit from Agri loss.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
19 August 2010 No since profit is exempt loss cannot be set off against any income.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
19 August 2010 AGREED, LOSS OF EXEMPTED INOCME CAN'T BE SET OFF WITH ANY TAXABLE INCOME AND CAN'T BE CARRIED FORWARD.
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
19 August 2010 Since agricultural income is exempt from income tax, no benefit will be available for agricultural loss too.
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PANKAJ KHURANA

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PANKAJ KHURANA (Expert)
19 August 2010 AGREED, LOSS OF EXEMPTED INOCME CAN'T BE SET OFF WITH ANY TAXABLE INCOME AND CAN'T BE CARRIED FORWARD.

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