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Capital gains

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 July 2013 I have a short term loss of rs.5000 in shares.
I also have long term capital gain of Rs.10000 in shares which is exempt.
Now should i carry forward the Short term loss to nxt year or i should set off the loss against long term gain even though it is exempt.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
26 July 2013 As per income tax provisions long term gain exempted cannot be used for setting off short loss of rs.5,000.
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Querist : Anonymous

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Querist : Anonymous (Querist)
26 July 2013 ANY PARTICULAR SECTION OR REFERENCE FOR IT
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
26 July 2013 refer case law: Ramjilal Rais v. CIT{1965} 58 ITR 181 All.
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Querist : Anonymous

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Querist : Anonymous (Querist)
26 July 2013 Did not Find the case law.Can u pls give the Link where i can refer
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
26 July 2013 refer V K Singhania and under chapter setoff and carry forward of loss after sec 70.
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