Can the long term loss on shres be set off or carry foreward ?
vipul Aggarwal (CA) (60 Points)
19 November 2010Can the long term loss on shres be set off or carry foreward ?
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 19 November 2010
YOU CAN NOT set off or carry foreward long term capital loss on share, since long term capital gain of share is exempt
Ritin Kharbanda
(CA)
(441 Points)
Replied 19 November 2010
Long Term Capital LOSS on shares can be carried forward for 8 assessment years provided the shares are NOT LISTED and SECURITY TRANSACTION TAX is not paid on Transfer of shares.
Regards
Ritin Kharbanda
swapnil
(CA Final)
(598 Points)
Replied 20 November 2010
hai vipul, first LTC Loss has set off against LTC Gain only, and c/f is possible 4 further 8 A.Y. year, and set off under same head only,
keep sharing,
Dear Friends.
Long Capital Loss Other than shares which are Listed in stock exchange and suffered STT can be carried forward or set off.
But Income from Long Term shares sold in stock exchange is exempted from Tax. So there is no concenpt of loss here because income itself is exempted. (Expenses incurred or lossess suffered to earn exempted income cannot deducted from taxable income)
jithesh chandran.v.p
(article assistant)
(72 Points)
Replied 20 November 2010
long term capital gain from shares is totally exempted s10(38)
Expenses incurred or lossess suffered to earn exempted income cannot deducted from taxable income
RAKESH
(Almost CA)
(2199 Points)
Replied 20 November 2010
you cannot carry forward the loss to the subsequent years because being an exempt income u r not supposed to do so .
CA Mohit Agrawal
(Chartered Accountant)
(371 Points)
Replied 20 November 2010
I agree with RITIN,he is correct.
CA Himanshu Bansal
(Risk Manager)
(2345 Points)
Replied 20 November 2010
| Originally posted by : Ritin Kharbanda | ||
 |
Long Term Capital LOSS on shares can be carried forward for 8 assessment years provided the shares are NOT LISTED and SECURITY TRANSACTION TAX is not paid on Transfer of shares. Regards Ritin Kharbanda |
 |
punit
(CA final)
(290 Points)
Replied 22 November 2010
long term loss on shares can only setoff agaist long term capital gain on shares of same year....
Bharat Khurana
(Student)
(153 Points)
Replied 13 December 2010
if the transaction of sale is chargeable to security transaction tax then Long term capital loss on sale of debentures can be set off. It is a dead loss because where any income from any source is altogether exempt then there is no treatment of loss arising from that source.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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