Capital gain on sale of shares

This query is : Resolved

Ajay (Querist)
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11 March 2012 sir mr.x have earned 5 lac by way of short term capital gain in shares. tax slab on above income will be 15% flat..
now if mr.x sells some long term shares in loss.. offmarket witout paying STT. say he suffers loss on same by 4 lac.
now can he adjust dis short term STT paid gain with dat of long term Non STT paid loss..
plz guide me.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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11 March 2012 As per Section 70(3), Long term Capital Loss can only be set off against the LTCG of the same AY. So, in the above case LTCL can not be adjusted against STCG-15%.

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