Income Tax and Short Term Capital Gain
This query is : Resolved
18 March 2008
I am salaries person... My taxable salary works our to be Rs. 18000 thus the tax will be Rs. 1800 only. But i have incurred a loss of Rs. 10,000 from Share market (Short Term).....
My question is "what will be the treatment of short term capital loss while computing tax liability????""
My question is "what will be the treatment of short term capital loss while computing tax liability????""
18 March 2008
SHORT TERM CAPITAL LOSS CANNOT BE SET OFF WITH SALRY INCOME .YOU CAN CARRY FORWARD THAT SHORT TERM CAPITAL GAIN FOR 8 ASSESSMENT YEARS AND CAN SET OFF THAT LOSS IN FUTURE WITH THE CAPITAL GAIN IF ANY
18 March 2008
Mr Saurabh is correct
19 March 2008
Not only capital loss, any loss incurred under four heads cant be setoff under salary head.
The short term capital loss can be carried forward to 4 A.Y & adjusted in both long term & short term capital gain if it incurred for the coming years it is as per sec.74 of Income tax act,1956.
The short term capital loss can be carried forward to 4 A.Y & adjusted in both long term & short term capital gain if it incurred for the coming years it is as per sec.74 of Income tax act,1956.
19 March 2008
Gayatri Devi ans is correct
20 March 2008
Thanks all
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