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c/f of Long term Capital Loss

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(Querist)
19 January 2011 do loss arising on sale of long term STT suffrerd listed shares can be carried forward
if possible please quote the provision under ACT.

thanks in advance
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
19 January 2011 Profit is exempted u/s 10(38) and hence loss is also presumed to be exempted income meaning thereby not entitled for carried forward benefit.
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sailesh

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sailesh (Querist)
19 January 2011 thanks sir
what if in the subsequent year LTCG comes into Income-tax ambit???????
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Guest

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Guest (Expert)
20 January 2011 In our opinion, such long term capital loss should be claimed C/F
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 January 2011 Such loss cannot be carried forward.
Citation :- CIT Vs. S. S. Thiagarajan (1981) 129 ITR 115(Mad).
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Guest

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Guest (Expert)
22 January 2011 Yes, I agree with Mr. Warrier.
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