long term capital gain

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dhimant (Querist)
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09 May 2009 under sec74 of income tax act of 1961, long term capital loss can be set off against long term capital gain
Long term capital gain from shares is fully exempt
suppose :- an INDIVIDUAL has earn a long term capital gain from building and has incurred a long term loss from the shares so now will that long term loss from shares can be set off against long term gain from building???????
plz do reply it's imp

taxindiaconnect

taxindiaconnect (Expert)
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09 May 2009 yes the loss from long term capital loss arising from the sale of listed company shares can be set off agsint any other long term capital gain. Section 74 does not restrict such set off.