Tax treatment of loss of crop

[Guest]

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

[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.

[DR.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.

AI Summary

Agricultural income exemption prevents set-off of agricultural losses against salaried income under income tax rules, practitioners note. Agricultural income is exempt and losses from agricultural operations are not available for set off against taxable heads such as salary; agricultural deficits are treated outside the loss set off framework and therefore do not reduce taxable salary income.