Long term capital gain
Page no : 2
Studentsca
(CA Practice )
(3577 Points)
Replied 12 May 2017
Malhar Deshpande
(212 Points)
Replied 12 May 2017
there is no income so no tax. For loss no treatment, problem is that it remains in mind for long time.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178278 Points)
Replied 13 May 2017
@ Studentsca: Dear, loss or gains in this case has no impact for taxation. Net gains (as per books of accts.) of the year is declared under EI, for intimation to department (so that any unnecessary query may not arise). While nett loss is not declared (as department is least bothered in it). It cannot be adjusted for this year nor be carried forward for future adjustment also; so just written off in capital accounts!! Hope, clarified your doubt. Good luck.
Studentsca
(CA Practice )
(3577 Points)
Replied 13 May 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178278 Points)
Replied 13 May 2017
As far as department is concerned, it hardly matters how you have reported, unless you have tried to manipulate tax. Many such things are not noticed, and are handled differently by different professionals till date. But now CPC works digitally, and as such results....... so many defective returns u/s. 139(9) !!!!!!!!!!!
So, chill ...........
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