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.?
1 Replies
CA VIKASH SONI
(Finance Executive)
(237 Points)
Replied 31 October 2011
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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