Treatment of depreciation in agriculture income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2015 Dear Experts,
If any Individual has exempt agriculture Income along with business income, What treatment should be with depreciation on agriculture equipment like tractor, thresher, trolley etc?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 February 2015 Depreciation on agricultural equipment can be claimed on agricultural income.

Rupesh Jain

Rupesh Jain (Expert)
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20 February 2015 depreciation on agriculture equipment agst agriculture income.

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Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2015 But if agriculture Income is exempt from tax then how can we set off lose from agriculture income?

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2015 But if agriculture Income is exempt from tax then how can we set off lose from agriculture income?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 February 2015 Agricultural income is considered for rate purpose for taxing your business income so your agricultural income may be considered for rate purpose after deducting depreciation.