LONG TERM CAPITAL GAIN
This query is : Resolved
17 July 2010
WHERE CAPITAL GAINS EXEMPTED U/S 10(38). IS IT CARRY FORWARD IF CAPITAL LOSS
17 July 2010
Long term capital gains is exempted under section 10(38) to those cases referred in the said section. However if there is long term capital loss it cannot be carried forward since harmonious interpretation has to be adopted.
More over the wordings used in the section is" any INCOME".
Income can be profit or loss and if profit is exempted, so necessarily loss should also be exempted.
More over the wordings used in the section is" any INCOME".
Income can be profit or loss and if profit is exempted, so necessarily loss should also be exempted.
17 July 2010
agree with sir, long term capital loss u/s 10(38) it cannot be carried forward.
17 July 2010
agreed
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