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Set off Loss

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(Querist)
17 June 2009 Will Long term capital loss arising from sale of shares which is equity and on which STT is paid be allowed for setoff?
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chetan soni

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chetan soni (Expert)
17 June 2009 Yes it is allowed to setoff but only against long term capital gains.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
17 June 2009 it will not be allowed for setoff
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
17 June 2009 capital gains exempt from tax U/S 10 reads as : long term capital gain on transfer of securities not chargeable to tax in cases covered by STT sec 10(38) and capital loss on such transfer is not taken into account

thus it can not be setoff.

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