Can gain frm lng trm prorpty be adjstd shrt trm stock losses
This query is : Resolved
05 August 2012
Dear Friends,
I was reading an Article in ET NOW. Please clarify me, is the Gain from Long Term Property be adjusted with Short Term Stock losses..??
Article Says..
" The losses you made in stocks this year can bring down your tax. If you have made any long-term capital gains from the sale of property, gold or debt funds, you can set them off against short-term capital losses in stocks and reduce your tax liability. The short-term capital losses can be set off against both short-term capital gains as well as taxable long-term capital gains. This can be especially useful for someone who has booked profits in gold ETFs and physical gold this year.
Suppose you made a long-term capital gain of Rs 6 lakh by selling gold ETFs. The tax payable on this amount is Rs 60,000. If, on the other hand, you sold some stocks within a year of buying and made a short-term loss of Rs 3 lakh, you can set this off against the gains from gold ETFs. So the gain from gold will be reduced to only Rs 3 lakh and the payable tax will be Rs 30,000.
The losses that have not been adjusted can be carried forward for up to eight years. Besides, only short-term capital losses from stocks can be adjusted against other gains or carried forward. So, the stocks you bought more than a year ago will not be eligible"
I was reading an Article in ET NOW. Please clarify me, is the Gain from Long Term Property be adjusted with Short Term Stock losses..??
Article Says..
" The losses you made in stocks this year can bring down your tax. If you have made any long-term capital gains from the sale of property, gold or debt funds, you can set them off against short-term capital losses in stocks and reduce your tax liability. The short-term capital losses can be set off against both short-term capital gains as well as taxable long-term capital gains. This can be especially useful for someone who has booked profits in gold ETFs and physical gold this year.
Suppose you made a long-term capital gain of Rs 6 lakh by selling gold ETFs. The tax payable on this amount is Rs 60,000. If, on the other hand, you sold some stocks within a year of buying and made a short-term loss of Rs 3 lakh, you can set this off against the gains from gold ETFs. So the gain from gold will be reduced to only Rs 3 lakh and the payable tax will be Rs 30,000.
The losses that have not been adjusted can be carried forward for up to eight years. Besides, only short-term capital losses from stocks can be adjusted against other gains or carried forward. So, the stocks you bought more than a year ago will not be eligible"
05 August 2012
Yes, it is very much possible. No harm in doing so. DO you have any doubt about any specific section?
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05 August 2012
Hi Amol,
Might be silly question, but can you tell me here short term loss in stocks.. Can I consider delivery based trading, Intraday as well as F&O trading losses..
Might be silly question, but can you tell me here short term loss in stocks.. Can I consider delivery based trading, Intraday as well as F&O trading losses..
05 August 2012
Amol,
Can you please clarify here it has taken long term capital gain tax on Gold ETFs as 105, but as I know the taxation on gold ETFs will be 20% with indexation and 10% without indexation right..???
What will be the taxation on physical gold.. Will it be same as Gold ETFs..??
Thanks in advance..
Can you please clarify here it has taken long term capital gain tax on Gold ETFs as 105, but as I know the taxation on gold ETFs will be 20% with indexation and 10% without indexation right..???
What will be the taxation on physical gold.. Will it be same as Gold ETFs..??
Thanks in advance..
06 August 2012
Intraday trading can't be taken as capital loss it's computed under pgbp.
Dilivery base trading can be consider but after considering the facts.. If u regularly doing this then its business otherwise short term gain or loss.
Dilivery base trading can be consider but after considering the facts.. If u regularly doing this then its business otherwise short term gain or loss.
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