Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 March 2012 sir

i have taxable salary income current year, and have loss from agricultural income in current year

so can i set off salary income from agricultural income

please tell me which section ?

thanks

Seema

Seema (Expert)
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24 March 2012 Loss from a source of income which is exempt from income tax (for example, an agricultural loss) can not be set off against income from a taxable source of income.
Agriculture Income is exempt under section 10 & hence loss from it cannot be set off.