Adjustement of Short Term Loss on Shares
This query is : Resolved
PRAHLADBHAI
(Querist)
02 March 2009
Hello,
I want to know whether as per Income-tax laws is it possible to adjust Short-Term Capital Loss on Sale of Equity Shares agaist Short Term Capital Gain on Sale of Land.
If yes plz give me reasons with income-tax provisions.
plz reply as early as possible
I want to know whether as per Income-tax laws is it possible to adjust Short-Term Capital Loss on Sale of Equity Shares agaist Short Term Capital Gain on Sale of Land.
If yes plz give me reasons with income-tax provisions.
plz reply as early as possible
02 March 2009
yes, it is a Inter head adjustment.
Section 70: Set off of loss under same head.
Section 70: Set off of loss under same head.
PRAHLADBHAI
(Querist)
02 March 2009
But my dobuts is that Short Term Capital Gaion on Sale of Shers is table at special rate of 10% while Shor Term CApital Gain on Sale of Land is treated as normal income so it is cover under normal tax slab.
plz give me justification on this point
plz give me justification on this point
Message likes :
1 times
02 March 2009
short term capital loss can be set off against any capital gain (whether long-term or short-term). thus it can be set-off . special rates has nothing to do with the set-off provision of the I.T Act.
special rate is applied only to find the taxable amount.
special rate is applied only to find the taxable amount.
CA.Tarun Maheshwari
(Expert)
02 March 2009
You can adjust both.
CA Nitin Wadhwani
(Expert)
02 March 2009
Yes.
I agree with the experts.
I agree with the experts.
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