c/f of Long term Capital Loss

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sailesh (Querist)
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19 January 2011 do loss arising on sale of long term STT suffrerd listed shares can be carried forward
if possible please quote the provision under ACT.

thanks in advance

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 January 2011 Profit is exempted u/s 10(38) and hence loss is also presumed to be exempted income meaning thereby not entitled for carried forward benefit.

sailesh

sailesh (Querist)
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19 January 2011 thanks sir
what if in the subsequent year LTCG comes into Income-tax ambit???????

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Guest

Guest (Expert)

20 January 2011 In our opinion, such long term capital loss should be claimed C/F

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 January 2011 Such loss cannot be carried forward.
Citation :- CIT Vs. S. S. Thiagarajan (1981) 129 ITR 115(Mad).

Guest

Guest (Expert)