long term cap. gain exempt if such from recognise stock exchange
question is: can we setoff short term capital loss against long term capital gain of recognise st. exch.?
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Income tax
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Ans. LTCG can be utilised for offsetting of STCL or LTCL, but STCG can be utilised for offsetting STCL. LTCG on shares is exempt from tax u/s 10(32), so offsetting will not be possible.
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