Long Term Capital Gain on sell or redemption of shares or equity oriented units is exempt u/s 10(38). Whether Long term Capital Loss on such transaction will be allowed to be carried forward or not???
Plzzz.... Reply....
3 Replies
Pammi Srivastav
(Assistant Finance Officer )
(84 Points)
Replied 15 September 2009
Always remember when any income is exempt u/s10 then no loss or expenses for the same can be claimed. Thus when capital gain is exempt u/s10(38) then not loss for the same is allowed for carryforward.
C.Balaji
(Learner)
(1867 Points)
Replied 16 September 2009
no..... LTCloss on sale of shares cannot be carried forward as it is exempt from tax U/s 10(38)..
LTCG on sale of shares is exempt from tax as u rightly said...
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
