My querry
This query is : Resolved
30 March 2012
Dear Sir /Madam,
I am a salaried employee. if i am paying Rs. 1,00,000 /- per year from my income for Agricultural operations. so, how will get an exemption from this ???
And which sec. is for that ???
Please reply me ..........
I am a salaried employee. if i am paying Rs. 1,00,000 /- per year from my income for Agricultural operations. so, how will get an exemption from this ???
And which sec. is for that ???
Please reply me ..........
30 March 2012
You cant get exemption of expenses made for agricultural purpose from salary income.
If you are receiving any agri income then u can claim agri expenses from that income.
If you are receiving any agri income then u can claim agri expenses from that income.
30 March 2012
you are right, but how it works.Under which head it will come ?
my p.a. salary is 4,20,000 /-
from this income i am making expenses Rs. 1,00,000 /-for agricultural operations.
please refer me the section......
my p.a. salary is 4,20,000 /-
from this income i am making expenses Rs. 1,00,000 /-for agricultural operations.
please refer me the section......
01 April 2012
NO DEDUCTION FOR SUCH EXPENSES FROM SALARY INCOME. THESE EXP- WILL BE DEDUCTED OUT OF AG INCOME , IF ANY.
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
01 April 2012
refer set off sections, agricultural income sections and salary sections
02 April 2012
i am confused. Mr. Manoj Gupta Sir is telling that there is no such type of deduction & Mr. Rushikesh Kolhe Sir is telling that this type of expenses are exempted from salary,,,,,,, please confirm me that.
02 April 2012
Dear Mr Rishikesh
i would like to know which sections u r talking. Pl note that ag income is exempt under section 10(1). Loss from exempt source is not allowed to be set off against income from taxable source. Pl see the supreme court judgment in the case of CIT v. Harprasad & Co. (P) Ltd. (1975) 99 ITR 118 (SC).
Also see Rule 6 of first schedule to the annual finance act which reads as under
"Where the result of the computation for the previous year in respect of any source of agricultural income is a loss, such loss shall be set off against the income of the assessee, if any, for that previous year from any other source of agricultural income :"
I hope all ur confusions on law IN THIS REGARD would now BE cleared.
CA MANOJ GUPTA
JODHPUR
09828510543
i would like to know which sections u r talking. Pl note that ag income is exempt under section 10(1). Loss from exempt source is not allowed to be set off against income from taxable source. Pl see the supreme court judgment in the case of CIT v. Harprasad & Co. (P) Ltd. (1975) 99 ITR 118 (SC).
Also see Rule 6 of first schedule to the annual finance act which reads as under
"Where the result of the computation for the previous year in respect of any source of agricultural income is a loss, such loss shall be set off against the income of the assessee, if any, for that previous year from any other source of agricultural income :"
I hope all ur confusions on law IN THIS REGARD would now BE cleared.
CA MANOJ GUPTA
JODHPUR
09828510543
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