Carry forward under ltcg(loss)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2012
I have booked long term capital loss in shares (STT Paid) of Rs.1.50 lakhs during 2011-12. My query is:
1) Whether It be carry forward for next 8 years?
2) If carry forward, is it adjustable with long term capital gain arising in sale of land or property?
3) if in future, LTCG(STT Paid) becomes taxable, can this carry forward becomes useful at that point of time?
4) Whether LTCG(STT not paid) also exempt or loss in that can be carry forward?
1) Whether It be carry forward for next 8 years?
2) If carry forward, is it adjustable with long term capital gain arising in sale of land or property?
3) if in future, LTCG(STT Paid) becomes taxable, can this carry forward becomes useful at that point of time?
4) Whether LTCG(STT not paid) also exempt or loss in that can be carry forward?
CA CS Amit S. Kedia
(Expert)
07 July 2012
It can not be carried forward since it is exempt from tax and have no effect.
07 July 2012
Capital gain arised on long term listed securities which sufers security transaction tax is fully exempt u/s 10(38) of the Income tax Act,1961.
If you incur loss on such long term listed securities then you can't carry forward the loss as a corollary to the above said section.
If you incur loss on such long term listed securities then you can't carry forward the loss as a corollary to the above said section.
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