I have earned long term capital gain on sale of immovable property ( sale of house site) for the financial year 2012-13. The same year I have incurred long term loss on sale of equity shares. Can i adjust the LTCL on shares from the LTCG on house site for paying income tax under the capital gain. Please explain clearly to pay the income tax.
Regards,
Ch Ajaya Babu
Long term capital gain on sale of share is exempted from tax if such sale has suffered stt. It is well decided that if any gain is exempted that loss on such transaction cannot be set- off
hence it cannot be set off if sales of such shares suffered STT
If sale of shares is via off market i.e without paying stt, then long term loss on shares can be set off against long term gain.
if STT was not paid on shares only then can the loss be set off..else cant..
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