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LONG TERM CAPITAL GAIN

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(Querist)
17 July 2010 WHERE CAPITAL GAINS EXEMPTED U/S 10(38). IS IT CARRY FORWARD IF CAPITAL LOSS
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
17 July 2010 Long term capital gains is exempted under section 10(38) to those cases referred in the said section. However if there is long term capital loss it cannot be carried forward since harmonious interpretation has to be adopted.
More over the wordings used in the section is" any INCOME".
Income can be profit or loss and if profit is exempted, so necessarily loss should also be exempted.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
17 July 2010 agree with sir, long term capital loss u/s 10(38) it cannot be carried forward.
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DR GAURAV GUPTA FCA, FCS, LL.B

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DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
17 July 2010 agreed
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