Long term capital loss & set off

This query is : Resolved

charudatta (Querist)
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29 September 2011 AN ASSESSEE HAS A LONG TERM LOSS FROM SALE OF SHARES , IN THE NEXT YEAR HE HAD A LONG TEM CAPITAL GAIN FROM SALE OF URBAN LAND BUT DUE TO TECHNICAL PROBLEMS IN THE SOFTWARE THE LOSS COULD NOT BE SET OFF.

SO NOW IT SHOWS THAT HIS LONG TERM CAPITAL LOSS IS CARRIED FORWARD IN THE NEXT YEAR. SO MY QUERY IS THAT WHETHER HE WILL BE ALLOWED TO SET OFF SUCH LOSSES IN FUTURE IF HE GETS A LONG TEM CAPITAL GAIN

CA Navin Jain

CA Navin Jain (Expert)
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29 September 2011 if security transaction tax has been paid during the trading of share and long term capital gain is come then LTCG is taxable, hence LTGL on trading of share can not be carried forwarded.

CA Parth Shah

CA Parth Shah (Expert)
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29 September 2011 AS the Long term loss in on stt paid transaction, the same is not eligible for being set off against any taxable capital gain.

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CA Shiv

CA Shiv (Expert)
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29 September 2011 As LTCG ( STT paid) is exempt u/s 10(30), so Long term capital loss cannot be set off against LTCG of land. So it was not a software problem