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Long term capital gain

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(Querist)
20 March 2013
This year we have sold shares on company's buy back offer purchased in the year 1990.

1. will it will be treated as long term capital gain .

2.can long term capital gain be set off from short etrm capital gain or any other heads of income.
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swasti

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swasti (Expert)
20 March 2013 According to me, yes it would be treated as Long Term Capital Gain and would be taxable as no STT would have been paid on the same.

Secondly short term capital loss can be set off against any capital gain but long term capital loss can be set off against long term capital gain only. If there is any long term capital gain, it does not need to be set off.
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