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short term capital loss
I have short term capital loss on trading share business and long term capital term capital giains which is exempt u/s.10(38). whether the income tax act permit me to set off the Short term capital loss against the long term capital gains on sale of equity shares which is exempt u/s.10(38)?
Replies (3)
In normal cases short term capital loss can be set off against long term capital gain.
But here LTCG is exempt under section 10(38) so u cannot set off STC loss against this because there is no taxable LTCG.
sir can you please provide me with a case law
no case laws required.... losses can be set off only aGainst taxable income and not against exempted income
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