setoff

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N.BALA RANGANATH (Querist)
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19 February 2009 Hi Experts, please clarify my doubt.

I am private employee, getting 1.5 lakh per month. I would like to buy an agriculture land so that i can setoff agriculture loss against my salary income to reduce tax burden.I had no other source of income.Please suggest me how to setoff agriculture loss against salary income.

Thanks in Advance

CA.MANOJ LAMBA

CA.MANOJ LAMBA (Expert)
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19 February 2009 you cant set off loss from Agriculture against your taxable income salary. but income tax act clearly states losses from exempt source of income cant be set off against taxable income.
if doubt still exists, pls revert me back