Long term capital loss

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2012 Dear Experts,

We made long Term Capital Loss on pvt. Ltd. share. Can we take set off in future if yes against what or how much period??

Thanks in advance.........

srinath

srinath (Expert)
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16 August 2012 Long term capital loss can be set off against long term capital gain

if it cannot be set off against current year, it can be carried forward for 8 years

Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2012 but sir long term capital gain is exempt.

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CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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16 August 2012 Agree with the expert..

If loss has arisen on the long term STT paid equity shares then long term capital loss can not be set off.
Since, it is exempt income u/s 10(38).