urvi jitendra bhavsar (CA Final Student) (116 Points)
12 January 2010I have LTCG (taxable) of Rs. 11,21,632 & STCL (10% STT Paid) of Rs.14,30,134 in A.Y. 2009-10
B/f LTCL -
A.Y. 2002-03 - Rs. 4896891
A.y. 2003-04 - Rs. 933142
A.Y. 2004-05 - Rs. 1429381
For filing revised return of A.Y. 2009-10, which loss should be set off first against LTCG of Rs. 1121632
Reply me sooooooooonnnnnn................guys
Jitendra Jhanwar
(Officer)
(129 Points)
Replied 12 January 2010
Loss of LOng term capital gain can be set off upto next 8 assessment years.
so you can set off the loss of A.Y. 2002-03 first.
Amir
(Learner)
(4016 Points)
Replied 12 January 2010
Dear Urvi,
First Current year losses are set off & hence STCL - Rs. 14,30,134 is to be set off.
And the remaining STCL OF AY 2009-10 WILL BE CARRIED FORWARD
Jitendra Jhanwar
(Officer)
(129 Points)
Replied 12 January 2010
Yes Amir is right
i not seen that it is short term capital loss, i think it is short term capital gain.
urvi jitendra bhavsar
(CA Final Student)
(116 Points)
Replied 12 January 2010
shouldnt C.Y. STCL be first set off aginst LTCG and then B/F LTCL
Divya K S
(CA)
(289 Points)
Replied 12 January 2010
Dear Jitendra,
Firstly, the LTCL of 2002-03 is set off against current years LTCG & then next years' loss is set off because it can be carried forward only for next 8 assessment years. This years' remaining loss can be carried forward to next 8 Assessment years. Hence it is suggestable to set off loss of 2002-03 first.
C.Balaji
(Learner)
(1867 Points)
Replied 13 January 2010
i completely agree with Amir......first current year STCL will be adjusted against current year LTCG and the remaining STCL of A.Y.2009-10 will be carried forward.........
CAclubindia
