Long Term Capital Gain
This query is : Resolved
29 December 2009
Whether Long Term Capital loss on Sale of Shares can be adjusted against Long Term Capital Gain on sale of Property
29 December 2009
Dear Shri,
What you want to adjust when both items are long term capital gains ?
What you want to adjust when both items are long term capital gains ?
Arjuna Raina
(Expert)
29 December 2009
yes as both are long term cap gains so they can be set off and carry forward.
CA Sidhi Gaur
(Expert)
29 December 2009
long term capital gain on sale of shares through recognised stock exchange is exempt u/s 10(38) of IT ACT,1961.so no question of set off arises.
Murtaza I Bhagat
(Expert)
29 December 2009
agree with every view of experts.
CA Ravi Sisodia
(Expert)
29 December 2009
yes, can be set-off
CA Sidhi Gaur
(Expert)
30 December 2009
sir both are long term gains.how can we set off a gain with another? i think this query is wrong.
30 December 2009
Agree!!!!
There is no question of Set-off untill there is not Long Term Capital Loss.
And also LTCG on shares is exempt u/s 10(38), subject to some conditions:
(a) if Shares transferred through Recognized stock exchange & STT paid on transferred shares.
(c) If shares hold for more then 12 Months.
I think Question should be revised.
Regards!!!
Dinesh S. Adhikari
There is no question of Set-off untill there is not Long Term Capital Loss.
And also LTCG on shares is exempt u/s 10(38), subject to some conditions:
(a) if Shares transferred through Recognized stock exchange & STT paid on transferred shares.
(c) If shares hold for more then 12 Months.
I think Question should be revised.
Regards!!!
Dinesh S. Adhikari
31 December 2009
Totally agreed with MR Dinesh .......... As ltcg on Shares are exempt hw can one setoff against it
31 December 2009
Ok....
I think this is good point.
According to me, Long Term Capital Loss on shares could not set-off with Long Term Capital Gain, because sec 10(38) says that LTCG on shares is exempt, and,
according to Income Tax Rules,1961, If any income/gain is exempt then also any loss/expense from that asset/property cannot claim for tax reduction purpose. (Agricultural Income is good exemple)
Therefore, in my opnion LTCL on Shares cannot set-off with LTCG of other asset.
But, i want that other people also express their opinions on this issue.
Regards!!!
Dinesh S. Adhikari
I think this is good point.
According to me, Long Term Capital Loss on shares could not set-off with Long Term Capital Gain, because sec 10(38) says that LTCG on shares is exempt, and,
according to Income Tax Rules,1961, If any income/gain is exempt then also any loss/expense from that asset/property cannot claim for tax reduction purpose. (Agricultural Income is good exemple)
Therefore, in my opnion LTCL on Shares cannot set-off with LTCG of other asset.
But, i want that other people also express their opinions on this issue.
Regards!!!
Dinesh S. Adhikari
04 January 2010
thanks for reply.
10 January 2010
10 January 2010
thanks for reply
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