Dear All
I invested Indian SHARES before 2013, now I am planning to sell those at a LOSS....
Any rooms under Income Tax Act.... to adjust/ claim such LOSS
Adv Thanks
Cheers
Balaji Subbu
2 Replies
Akash
(CA Final (2nd Group Pending))
(876 Points)
Replied 06 October 2016
Yes there is.
Sell those shares to a close friend or relative by Transfer via DIS slip and Get a Cheque equal to Current Market Value. This Transfer is not exempted under 10(38). You can claim is loss as long term capital loss. This can be set off with future long term capital gain.
CA Saba Naaz
(Chartered Accountant)
(8487 Points)
Replied 06 October 2016
Set off and carry forward is available.
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