CHENNUPATI AJAYA BABU (manager(taxation)) (87 Points)
11 July 2013I have earned long term capital gain on sale of immovable property ( sale of house site) for the financial year 2012-13. The same year I have incurred long term loss on sale of equity shares. Can i adjust the LTCL on shares from the LTCG on house site for paying income tax under the capital gain. Please explain clearly to pay the income tax.
Regards,
Ch Ajaya Babu
Bhupesh
(student)
(353 Points)
Replied 11 July 2013
Haridas Mundhada
(msclasses.in)
(56 Points)
Replied 11 July 2013
Long term capital gain on sale of share is exempted from tax if such sale has suffered stt. It is well decided that if any gain is exempted that loss on such transaction cannot be set- off
hence it cannot be set off if sales of such shares suffered STT
Ishan kewlani
(Article)
(172 Points)
Replied 12 July 2013
If sale of shares is via off market i.e without paying stt, then long term loss on shares can be set off against long term gain.
Akshata
(CA Final )
(324 Points)
Replied 13 July 2013
if STT was not paid on shares only then can the loss be set off..else cant..
CAclubindia
