Capital gain loss

This query is : Resolved

heena (Querist)
Follow

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????

Sandeep Dharar

Sandeep Dharar (Expert)
Follow

25 June 2014 No this can't b possible. This is possible in the same country.

heena

heena (Querist)
Follow

25 June 2014 CAn u please give me the reference of the section which states that it cannot be set off

Rupesh Jain

Rupesh Jain (Expert)
Follow

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.

Sandeep Dharar

Sandeep Dharar (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok