manish (IT) (46 Points)
09 July 2013Hi All,
1. If I have 2000 rs short term loss and 2000 long term gain this year-can I set off and 0 rs tax.
2. if I have 2000 rs short term loss , and next year if I has 2000 short term gain- Can I set off and no tax.
3, Is it true that there is no tax in long term capital gain/loss in shares?
Thanks for reply.
-Manish
Akshata
(CA Final )
(324 Points)
Replied 09 July 2013
| Originally posted by : manish | ||
 |
A : Yes, u can set off Short term loss with long term gain but not vice versa. A : Yes even this is possibe.
3, Is it true that there is no tax in long term capital gain/loss in shares? |
 |
PRABIR BASAK
(Service)
(45 Points)
Replied 09 July 2013
Question 1
NIL Tax
Question 2
If u have any short time capital loss then u can set off the loss in the coming 8 assessment year from short trem as well as long term capital gain.
Question 3
Long term capital gain from sale of share is exemted from tax U/s 10(38) if it is covered by STT.
manish
(IT)
(46 Points)
Replied 09 July 2013
Thanks.
Which ITR we can use to show short term gain (Shares) and how to calculate its tax?
Akshata
(CA Final )
(324 Points)
Replied 09 July 2013
ITR 2..download from https://incometaxindiaefiling.gov.in/
pls use the "thank user" button if u appreciate.. 
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 09 July 2013
Long term capital gain on sale of shares on which STT paid exempt from capital gains
Short term capital gain on sale of shares on which STT paid taxable at flat rate of 20%
If STT not paid, short term capital gain on sale of shares is taxable by including in computation of total income and long term capital gain on sale of shares shall be taxable at the rate of 20%
CA Nitin Gupta
(Senior Accounts Officer at JK Group of Industries + ca-cpt ipcc coaching)
(97 Points)
Replied 10 July 2013
i have heard a lot about fake long/short term capital gains/losses... whats that all about
CA Nitin Gupta
(Senior Accounts Officer at JK Group of Industries + ca-cpt ipcc coaching)
(97 Points)
Replied 10 July 2013
i have heard a lot about fake long/short term capital gains/losses... whats that all about
CA Vap Patel
(Practice)
(1205 Points)
Replied 10 July 2013
Can I set off short term loss with long term Gain on sale of share on which I have paid STT and which is also eligible for exemption u/s 10(48) ?
manish
(IT)
(46 Points)
Replied 10 July 2013
@ Vap Pate: As per first point, yes. Expert :Any comment.
Akshata
(CA Final )
(324 Points)
Replied 11 July 2013
Hi Vap,
If an income is exempt, u cannot set off loss against it.
In ur case, u cannot setoff short term capital loss aagainst long term gain exempt u/s 10 (38)
manish
(IT)
(46 Points)
Replied 13 July 2013
@ Nuli-
>>Short term capital gain on sale of shares on which STT paid taxable at flat rate of 20%
I read in multiple article that it is 15%. Will you please reconfirm?
CA Vap Patel
(Practice)
(1205 Points)
Replied 14 July 2013
IT is 15%.Refer sec 112 and 111A of Income Tax act 1961
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 17 July 2013
yes it is 15% not 20% and as long tern capital gain on sale of shares in which STT paid is exempt,how can u set off short term capital loss with this.u can carry forward and set off against furthur short term caital gain up to 8 years
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