Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2012 if a land is sold after 3 yrs near Nashik
1. indexation benefit is available
2. can LTCG be set off against OFF MARKET SALE of shares held for more than 1 year.
thanks

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 August 2012 1. Since the land is held for more than 36 months, it is a long term capital asset and indexation benefit is available.

2. Since shares have been sold off market (STT not paid), the loss arising on sale of such shares is allowed as LTCL.

Such loss can be set off against the gain arising on sale of land.

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