Income tax on long term capital gain on shares

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Denzal (Querist)
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27 August 2015 I have incurred a long term capital loss on sale of shares in FY 2014-15. However since Long term capital gain is exempt from tax, how will i adjust my long term capital loss against my other income. Can it be adjusted against short term capital gain in the FY2014-15.

Regards,

Denzal K

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 August 2015 As long term capital gain on shares is exempted the long term loss on shares can't be adjusted against any other income.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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27 August 2015 Since gain is exempted u/s 10(38), loss is also exempted and hence inter head/intra head, c/fd is not permitted.

Citation:- CIT Vs. S.S. Thiagarajan (1981) 129 ITR 115 (Mad).

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