MANI THYAGARAJAN (CEO) (48 Points)
31 December 2010Can longterm capital loss arising out of sale of shares sold thru online-demat-trading account STT PAID be offset against LTCG arising out of sale of residential dwelling or plot?
If yes, please inform relevant section applicable.
regards
thyagarajan
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 31 December 2010
dear mani
long term capital gain arises on transfer of equity shares in a rec.stock exchange is exempt hence there will be no case of set off the long term capital loss on these shares.
MANI THYAGARAJAN
(CEO)
(48 Points)
Replied 31 December 2010
Dear Mr Tarun
My query is not about LONG TERM GAIN, it is about LONG TERM CAPITAL LOSS
chirag siroya
(IPCC student)
(34 Points)
Replied 31 December 2010
Dear mani,
Long term capital gain arise on sell of equity shares which is sold through reg. stock exch.is exempted,so loss arise there from aslo can't set off against other capital gain because it is exempted source of revenue so that it's loss can't be set off against taxablesource of income
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 31 December 2010
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 31 December 2010
dear friend
plz read the post carefully..u will get ur answer...
simply loss from a exempted source is not allowed to be set off..
CAclubindia
