Capital gain loss
This query is : Resolved
25 June 2014
There is an individual who has Filed IT return in INdia and USA.
He had Long Term Capital Loss in USA and He has Long Term Capital Gain in India.
Can i set off the LTC Loss of USA against the LTGC of INDIA????
He had Long Term Capital Loss in USA and He has Long Term Capital Gain in India.
Can i set off the LTC Loss of USA against the LTGC of INDIA????
25 June 2014
No this can't b possible. This is possible in the same country.
25 June 2014
CAn u please give me the reference of the section which states that it cannot be set off
26 June 2014
r/sir
you are filing the return in one country then how can another country loss or profit can taxable under the another country.
you are filing the return in one country then how can another country loss or profit can taxable under the another country.
26 June 2014
Heena this is common scene. Let us suppose u purchase a commodity in India on which VAt is applicable. And u wana sale it in other country where VAT is not applicable. So what will u do now? Can u claim ITC on it? Every country has its separate tax rules ehich u can't mix.
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