CAN LONG TERM CAPITAL GAIN ON SALE OF JEWELLARY SET OFF AGAINST SHORT TERM CAPITAL LOSS U/S 111A
Nitesh Painter (Service) (78 Points)
25 June 2011CAN LONG TERM CAPITAL GAIN ON SALE OF JEWELLARY SET OFF AGAINST SHORT TERM CAPITAL LOSS U/S 111A
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 25 June 2011
Yes set off is allowed.
Set off of LTCL is allowed against only LTCG by virtue of section 70 and 74. Whether in same assessment year or other assessment years.
But STCL can be set off against any capital gains whether STCG or LTCG. By virtue of section 70 and 74 , the set off will be allowed.
M. N. JHA
(CA)
(8316 Points)
Replied 25 June 2011
Keshav
(chartered accountant)
(286 Points)
Replied 25 June 2011
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 26 June 2011
LTCG can set off only against LTCG... and cannot set off against STCG
Dimple Kotak
(Accounts & Tax )
(185 Points)
Replied 26 June 2011
STCL can be set-off against LTCG & STCG. But LTCL can be set-off only against LTCG
Dhiraj
(Article)
(33 Points)
Replied 27 June 2011
Yes it can be set off with LTCG
Section 111A only talks about special income tax rate
Rup Kumar
(finance manager)
(288 Points)
Replied 28 June 2011
Yes,
STCL can be set off against any capital gains whether STCG or LTCG.
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