PRASAD (ARTICLE) (34 Points)
20 October 2011MY 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
Phalgun
(Audit Manager)
(327 Points)
Replied 20 October 2011
As per act any exempted income cannot be used for set off & it is equitable to c/f for 8years.
Arvind Sharma
(ACA)
(1432 Points)
Replied 20 October 2011
CA. Manish Chandarana
(Practising CA)
(100 Points)
Replied 20 October 2011
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.
* Krishna *
(CA Student)
(6149 Points)
Replied 20 October 2011
| Originally posted by : CA. Manish Chandarana | ||
 |
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.
Shah Tarun
(Student)
(800 Points)
Replied 22 October 2011
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