28 February 2009
hello, i have a query, pls help me with it. I have LTCG of Rs.2 lakhs (after indexation)from sale of shares of an unlisted company. I have also meanwhile sold physical shares of a listed company through direct sale to my cousin, i the process acuiring a loss (due to indexation) of Rs1.5 lakhs; this transaction has obviously not suffered STT but is of a stock that is listed but not compulsorily demated. I want to know: 1. If this loss is adjustable against the first gain, if so any sections that confirm this, 2. LTCG is exempt for all transactions of shares that are listed in a stock exchange or only on those transactions of such shares which have been undertaken through the stock exchange and suffered STT.
28 February 2009
Yes. You can adjust the loss against your gain. LTCG is exempt u/s 10(38) if both conditons are satisfied: 1.Sale is through regonized stock exchange 2.STT is paid.
CAclubindia
