Agriculture loss

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Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2014 CAN SET OFF AGRICULTURE LOSS AGAINST ANY INCOME

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 June 2014 agriculture income/loss arising out of agriculture land not considered as capital asset under section 10(14) is exempt. so cannot be set off against other incomes. agriculture income from land considered as capital asset 10(14) can be set off as per normal set-off rules.

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23 June 2014 CONTINUE WITH U AFTER READING THIS SECTION

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Rupesh Jain

Rupesh Jain (Expert)
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23 June 2014 agriculture loss can not set off due to agriculture income is not taxable . under the income tax act loss of exempt income head not set off with the taxable head and vice versa.

Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2014 CAN I CONVERT AGRICULTURE LAND INTO NON-AGRICULTURE LAND

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 June 2014 yes you can convert.......

Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2014 IF I DOING BUSINESS ON AGRICULTURE LAND THEN WHATEVER REVENUE GENERATED R EXEMPT OR NOT

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 June 2014 no...then no exemption is available....