Tax treatment of loss of crop, Income Tax

[Anji Kum]

Hi,

I own some agriculture land and made heavy loss this year. Is there any provision in income tax law of india to exempt this losses from salaried income?

Best,

Anji

Posts / Replies

[Ganeshan Kalyani]

In my view income from agricultural land is exempt from income tax. If the income is exempt how can the loss from agricultural land be set off. In my view cannot be set off. I call for experts opinion in this regard.

[KASTURI SETHI]

I do not deal with Income Tax cases but this is a simple question and a i is a matter of common knowledge. On the basis of common knowledge I am of the opinion that such set off is not possible from salaried income or otherwise. Hence I fully agree with the views of Sh.Ganeshan Kalyani, Sir.

[MARIAPPAN GOVINDARAJAN]

If your query is given in detail then the reply may be according to your query. Otherwise the views of the both experts are correct.

[Ganeshan Kalyani]

Yes we welcome your query Anji Kum ji.