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Show equity ltcg in exempt income or setoff against stcg

Tax queries 522 views 1 replies

Dear friends,

I have query regarding showing equity LTCG on which STT is paid. In current assessment year , I have  both equity LTCG and STCG. on LTGC, as, usual , STT is already paid. Should I setoff these STCG against LTCG in ITR or show LTCG as exempt income?

 

with many advance thanks,

Amit

 

Replies (1)

First of all it is not cleared whether u hav incurred STCL or LTCL.

1. If it is assumed that there is LTCG & STCL.

Now any LTCG on equity shares on which STT is paid will be exempted & any loss cannot be setoff from any exempted income, therefore u cannot setoff any loss from LTCG.

so you shall show the LTCG exempted income seperately in ITR.


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