Section 70 ,71

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2012 Dear sir/madam

I have long term loss of shares in current year and brought forward also.In current year i am having long term gain on sale of plot.
so can i set off such loss against LTG from plot.And if i m filing revised return ,whether sec 234 int applicable ?? from which date.

CA Chirag Haraniya

CA Chirag Haraniya (Expert)
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12 December 2012 First of all if you have long term loss on sale of shares(stt paid) then it will not be allowed to c/f and set off. As income from such is also exempt.

So you wont be able to set off such.

Interest u/s 234A will not be applicable if you are filing revised return.

Regards,
Chirag M. Haraniya