I want to know whether as per Income-tax laws is it possible to adjust Short-Term Capital Loss on Sale of Equity Shares agaist Short Term Capital Gain on Sale of Land.
If yes plz give me reasons with income-tax provisions.
02 March 2009
But my dobuts is that Short Term Capital Gaion on Sale of Shers is table at special rate of 10% while Shor Term CApital Gain on Sale of Land is treated as normal income so it is cover under normal tax slab.
02 March 2009
short term capital loss can be set off against any capital gain (whether long-term or short-term). thus it can be set-off . special rates has nothing to do with the set-off provision of the I.T Act. special rate is applied only to find the taxable amount.
CAclubindia
