c/f of Long term Capital Loss
This query is : Resolved
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
if possible please quote the provision under ACT.
thanks in advance
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.
19 January 2011
thanks sir
what if in the subsequent year LTCG comes into Income-tax ambit???????
what if in the subsequent year LTCG comes into Income-tax ambit???????
Guest
Guest
(Expert)
20 January 2011
In our opinion, such long term capital loss should be claimed C/F
21 January 2011
Such loss cannot be carried forward.
Citation :- CIT Vs. S. S. Thiagarajan (1981) 129 ITR 115(Mad).
Citation :- CIT Vs. S. S. Thiagarajan (1981) 129 ITR 115(Mad).
Guest
Guest
(Expert)
22 January 2011
Yes, I agree with Mr. Warrier.
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