Capital Gain
This query is : Resolved
30 July 2010
Can Long term Capital Gain that is exempt u/s 10 (38) be used for setting of the Long term Capital loss of last year.
Sunil Kr. Sanganeria
(Expert)
30 July 2010
It appears from your query that last year long term capital loss was not the losss exempted under section 10(38) of the Income TAx Act means loss was incurred from sale of assets other than shares on which STT is charged.
If this be case, current year LTCG is exempt and you should Carry forwaed the last year LTCL to next year.
If this be case, current year LTCG is exempt and you should Carry forwaed the last year LTCL to next year.
CA.ViVeK M ACA
(Expert)
30 July 2010
The long term capital gain cannot be used for writting off capital loss ..this is for the purpose of avoiding double deduction
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