Capital gain set off rules ?
This query is : Resolved
Balarama.p
(Querist)
03 October 2012
• Can Long term capital loss from sale of shares and mutual funds (STT paid) be adjusted against the LTCG from sale of plot???
OR
3. Can Short term capital loss from sale of shares and mutual funds (STT paid) be adjusted against the LTCG from sale of plot ??
OR
3. Can Short term capital loss from sale of shares and mutual funds (STT paid) be adjusted against the LTCG from sale of plot ??
CA Navin Jain
(Expert)
03 October 2012
1. long term capital loss of share never adjusted since long term capital gain of share is exempted.
2. yes you can adjusted.
2. yes you can adjusted.
Pankaj Gupta
(Expert)
04 October 2012
Only the short term capital gain can be adjusted. The reason for not allowing the long term capital loss is because it is from a source, the income from which is exempt from income tax. And the reason is simple that when the income from such source was exempt then why the department should give adjustment for loss in relation to such source of income.
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