I have incurred long term capital loss during the year 2008-09 in equity shares traded in stock market. Now i want to know that, can i carry forward my LTCL and set off against any Long term capital Gain in next year?
9 Replies
Max Payne
(employed)
(2574 Points)
Replied 23 September 2009
LTCG on listed equity shares is exempt U/s 10(38).
Exempt income means income that does not form a part of your income.
You are having loss, which is exempt negative income. So you cannot carry forward or set off the same
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 23 September 2009
you can not carry forward the said loss
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 23 September 2009
carry forward and setting off of loss u/h LTCG on Shares (STT paid) is not allowed as they are not treated as income as per sec. 10 (38) of Income Tax Act, 1961.
PRIYANKA
(CA FINAL)
(142 Points)
Replied 23 September 2009
No u can't carry forward Long term cap. loss.
AMIT KAPOOR
(SELF EMPLOYED)
(491 Points)
Replied 23 September 2009
as per your question this is not clear that it was stt paid or not if u incurre LTCL without stt paid you can c/f but this is the loss with stt paid u cant c/f because LTCG(stt paid) exempt under section 10(38)
CA Trinath Galla
(student)
(3130 Points)
Replied 23 September 2009
yes what amit said is correct for sure.
only ltcg on which stt paid is exempt u/s10(38).
so if u have paid stt on the transaction, u can not carry forward the loss.
on the other hand if u didn pay stt it can be carried forward
Max Payne
(employed)
(2574 Points)
Replied 23 September 2009
If Demat shares are traded in stock exchange then they are are subject to STT
VARUN
(PCC STUDENT)
(523 Points)
Replied 23 September 2009
will be exempt u/s 10(38) so, carry forward of Long Term Capital Loss will not be allowed.
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 23 September 2009
Hello,
Ya you can carry forward it to next year but you can only set off againts long term gains of infinite subsequent years arising from transfer of shares of listed companies traded on recognised stock exchange and which are chargeble to STT.
It was just for fun and not to hurt anyone.
Plz excuse me if I hav unintentionally hurted someone.
Regards
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