Sanjay V Mathane
Service
[ Scorecard : 27]
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Posted On 15 March 2010 at 14:51
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Hi all,
My friend having taxable income from salary Rs 3,60,000/- and
TDS deductable is Rs 26,780/- upto Mar 2010 from salary.
He purchased shares of Rs 1,00,000/- during the financial year 2007-08 and
now want to to sale in Mar 2010.Present markect price is Rs 40000/-.
So that Long term capital loss is Rs 60000/- (Approx)
Can he set off his long term capital loss of sale of shares with salary income and claim refund by filling return with income tax dept.
Please give valuable input on the same.
Regards
Sanjay
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Amir
Learner
[ Scorecard : 3839]
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Posted On 15 March 2010 at 15:00
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Dear sanjay,
Long Term Capital Loss cannot be setoff with Salary Income.
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sashi kant
Article
[ Scorecard : 36]
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Posted On 15 March 2010 at 15:03
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any loss canot be set-off with salary income.
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D н ! я σ ĵ
F!N/\L
[ Scorecard : 7041]
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Posted On 15 March 2010 at 15:10
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Hey AMIR.... u r back man??
Where were u for so many time??? Man, many querries remained unsolved due to ur absence...
Nywz, good to c u back in action...
And bhai SANJAY, only loss from HP can be set off against SALARY... no other loss
Total thanks : 1 times
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sashi kant
Article
[ Scorecard : 36]
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Posted On 15 March 2010 at 15:17
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thanx for correcting me.
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Amir
Learner
[ Scorecard : 3839]
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Posted On 15 March 2010 at 15:22
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Dhiraj Bhai,
Thanks for welcoming me......:)
I m sure u must have asked very difficult ones dats y dey remained unanswered, thanks to god I ws not there otherwise u would have asked to answer those bouncers..........:)
Regds,
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C.Balaji
Student
[ Scorecard : 1601]
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Posted On 15 March 2010 at 15:40
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Dear Amir Brother......Welcome Back......a gap of One week rite.............
and for the query....Amir bhai is rite...........
Long Term Capital Loss cannot be set off against Salary income..........
Long Term Capital Gains on Sale of Shares routed through Stock Exchange and STT paid is Exempt from tax ........and therefore LTCL cannot be adjusted against any income........Am i rite.???Amir bhai..........
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Amir
Learner
[ Scorecard : 3839]
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Posted On 15 March 2010 at 15:56
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Dear Balaji,
Thanks Bro.....
Yes u r rite regading LTCL on which STT has been paid.
But infact in general, LTCL cannot be setoff against salary
Total thanks : 1 times
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C.Balaji
Student
[ Scorecard : 1601]
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Posted On 15 March 2010 at 15:58
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Yes.........I agree.........
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Yeshwanth
Article Assistant
[ Scorecard : 118]
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Posted On 15 March 2010 at 16:54
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Long Term Capital Loss can be set off only against Long Term Capital Gains or Short Term Capital Gains (If STT is paid u/s 111A). If the LTCL is on transfer of Shares where STT is paid it is exempt u/s 10(38) (both loss or gain)... So it cannot be set off against salary....
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