Regarding set off of losses.
This query is : Resolved
23 August 2012
Respected Sir,
I want to know weather we have to compulsory set off long term capital gain on sale of shares which is exempt u/s 10(34)/(35)against short term capital gain on sale of shares or we can carry forward loss on sale of shares and enjoy the exemption for long term capital gain ???
Thanking you in advance for your valuable suggestion sir . . .
I want to know weather we have to compulsory set off long term capital gain on sale of shares which is exempt u/s 10(34)/(35)against short term capital gain on sale of shares or we can carry forward loss on sale of shares and enjoy the exemption for long term capital gain ???
Thanking you in advance for your valuable suggestion sir . . .
24 August 2012
You can not set of loss of source income of which is exempt. Hence loss from shares exempt u/s. 10(34) can not not be set of against any income. Further no loss can be set off against exempt Income.
22 September 2012
Agreed with CA vishnu
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