MY CLIENT IS HAVING LTCG SAY OF 50000 AND SIMULTANEOUSLY LONG TERM CAPITAL LOSS OF 25000 BOTH ARE FROM SHARE TRADING ON WHICH STT HAS BEEN PAID SO CAN I CARRY FORWARD 25000 LOSS FOR 8 YRS OR IT IS COMPULSORY TO SETOFF AGAINST EXMPT INCOME OF 50000
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Long term capital gain setoff against ltcloss compulsory
Replies (7)
As per act any exempted income cannot be used for set off & it is equitable to c/f for 8years.
If n income is exempt, loss have no treatment except setoff against income of CY.. So 25000 loss will be setoff against Income 50000 balance 25000 income will be exempt us 10(38)....
agreee with above
Since LTCG on sale of shares is fully exempt U/s.10 (38) , LTC loss on sale of shares cannot be carried forward to be set off.
| Originally posted by : CA. Manish Chandarana | ||
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Since LTCG on sale of shares is fully exempt U/s.10 (38) , LTC loss on sale of shares cannot be carried forward to be set off. |
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Agreed.
agreed with Manish Sir
LTCG on which STT is paid, is exempt u\s 10(38) so no loss can be set off with this,moreover when Income itself is exempted you can not carry forward loss of it,
Agree with CA Manish,
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