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Long term capital loss on shares

Kajal Rai (Commerce) (61 Points)

29 June 2012

A.Y.2012-13
The assessee has LTCL on shares (T.Cost 36974, T.Sale 21497, Loss 15477)...so which column should be filled (in ITR4)?
Schedule CG-OS - B.3.Other assets for which option under proviso to sec.112(1) not exercised?
OR...
Schedule CG-OS - B.4.Other assets for which option under proviso to sec.112(1) exercised?

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5 Replies

Ankit (CA, CS) (3064 Points)
Replied 29 June 2012

Dear Kajal,

LTCL CANNOT BE CLAIMED AS A SET OFF SINCE LTCL CAN BE SET OFF ONLY AGST LTCG.

NOW IN CASE OF SHARES LTCG IS EXEMPT SO NO SET OFF CAN BE CLAIMED. SO THAT LOSS IS NOT TO BE TAKEN IN THE CG SHEET. IT MAY BE SHOWN IN THE SPI SHEET UNDER LTCG ON WHICH STT IS PAID

Regards,

CA ANKIT

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Kajal Rai (Commerce) (61 Points)
Replied 29 June 2012

Originally posted by : ankit
	Dear Kajal, LTCL CANNOT BE CLAIMED AS A SET OFF SINCE LTCL CAN BE SET OFF ONLY AGST LTCG. NOW IN CASE OF SHARES LTCG IS EXEMPT SO NO SET OFF CAN BE CLAIMED. SO THAT LOSS IS NOT TO BE TAKEN IN THE CG SHEET. IT MAY BE SHOWN IN THE SPI SHEET UNDER LTCG ON WHICH STT IS PAID Regards, CA ANKIT

I'm filing ITR 4 since their is also speculative income (other than salary & other sources).....So, the query is in the SPI Sheet there isn't anything for capital gains...schedule SPI says income from specifc persons!!!

Also, since there is specualtive gain on shares, shouldn't I set off against last years speculation loss....the ITR isn't doing that....??!!!