<s>[INST] If income from any source is exempt, then can loss from such source be adjusted against any other taxable income? [/INST] If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to tax.

E.g., Agricultural income is exempt from tax, hence, if the taxpayer incurs loss from agricultural activity, then such loss cannot be adjusted against any other taxable income.​ </s>