Capital gain

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CHETAN SOMAIYA (Querist)
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06 July 2012 1)whether long term capital gain earned on unlisted securities (pvt ltd co's shares)can be set off against long term capital loss on listed securities SOLD THROUGH OFF MARKET on which no STT paid...?

2) if not then at what rate long term capital gain is to be taxed..?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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09 July 2012 Long term capital loss on which STT has been paid is not allowed as loss becuase LTCG in such case is exempt.

However, LTCG on which STT has been paid is NOT exempt. Accordngly, such long term capital loss shall be allowed.

Further, such LTCL can be set off against any LTCG.

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