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Capital gain

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(Querist)
26 November 2013 can we set off short term loss of equity share where stt paid is set off against long term capital gain of gold
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
26 November 2013 Yes. Current years STCL can be set off against the LTCG of the current year.
Section 70(2).
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milap

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milap (Querist)
26 November 2013 thank you so much sir
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milap

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milap (Querist)
26 November 2013 short term loss of equity share is capital assets loss?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
26 November 2013 If loss in shares is "termed" by you as short term, it is to be understood as capital loss. Shares held/bought with the intention of investment, are treated as capital asset.
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In case the loss has been generated by trading in shares (not from day trading), then also it can be set off. Section will be different. Section 71(2) will apply in that case.
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