The longterm capital gain u/s 10(38) is exempt. But while showing it in the Income taxreturn, should we adjust the exempt LTCG with the long term capital loss fro mthe same source?
2 Replies
Rikin
(Learner)
(140 Points)
Replied 18 July 2012
No...you can not adjust loss against income on which Tax is not levied (Exempt).
CA M Indani
(Partner)
(345 Points)
Replied 20 July 2012
Loss can not be set off against exempt income.. It can be c/f...
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