Capital gain sett off and carry forward

Yash. (Final CA Student) (76 Points)

06 December 2011  

Mr. A have Short Term Capital Loss (STCL) of Rs. 10,00,000 arising from the transaction of

shares....and also, he has a Long term Capital Gain(LTCG) of Rs. 15,00,000 arising from the

transaction of Shares on which STT is also levied...and so the LTCG is exempt income u/s 10(38).

Thus,

Does Mr. A have 2 Sett off STCL of Rs. 10,00,000 with LTCG of Rs. 15,00,000 and nothing can be carried forward ? 

                                                                              OR

Mr. A can Carry Forward the Loss of Rs. 10,00,000 for setting off in subsequent years as it cannot be sett off against current year's exepmt income (LTCG) u/s10 (38) ?

 

 

---YASH--