Capital gain

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 November 2011 Sir,
i buy a shares of Rs. 100000\= in private placement on around 1.4.2006.

now IPO comes in year 2010, on a listing day above shares sold in NSE\BSE market rs. 500000/=.

so i earned rs. 400000/.

in same year fy 2010-11 i incurred STC Loss rs. 200000\=.

so what is my tax position.

nishant sheth
IPCC Student

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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13 November 2011 Your Tax position is good.
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Had you raised this query prior to 31.07.2011, this STCG of Rs 200000/- could be c/fd to the next year and your position will be very solid as your return could be submitted and you would be eligible to c/fd the loss.
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LTCG of Rs 4.00 lac is exempt.

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Set off is not allowable as you have to first calculate source*wise income.
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