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.

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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26 July 2013 ANY PARTICULAR SECTION OR REFERENCE FOR IT

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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26 July 2013 Did not Find the case law.Can u pls give the Link where i can refer

26 July 2013 refer V K Singhania and under chapter setoff and carry forward of loss after sec 70.


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