Set- off

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 March 2014 If there is LTCG on house of rs.10 lac,LTCL on non listed shares is 2 lac,Investment in section 54 is 10 lacs, Whether capital loss can be carry forward?INEEDED ANSWER WITH REASON AND EXPLANATION AND WITH EVIDENCE.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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15 March 2014 1. The capital gain for the current year on house is NIL.

2. There is long term capital loss on non-listed shares. Such loss can be carried forward for 8 assessment years.

Querist : Anonymous

Querist : Anonymous (Querist)

15 March 2014 BUT i THINK SOLUTION SHOULD BE :
LTCG: 10 LAC
LTCL: (2 LAC)
: 8 LAC
EXEMPTION: 8 LAC
TAXABLE LTCG: NIL

NO LTCL CANT BE CARRRY FORWARD.

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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18 March 2014 First exemption will be provided and then set-off shall be made.