LONG TERM CAPITAL LOSS
This query is : Resolved
18 July 2009
ARE LONG TERM CAPITAL LOSS IN WHICH STT HAS BEEN CHARGED ELIGIBLE TO BE CARRIED FORWARD AND SET OFF AGAINST FUTURE LONG TERM CAPITAL GAINS?
18 July 2009
as far as I know since long term capital gain on which STT has been charged is exempt, in same manner LTCL on which is STT is charged are not allowed to c/f . since the income is exempt the loss is not allowed to c/f
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18 July 2009
Vishvesh is right in his analysis.
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18 July 2009
rightly said.
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18 July 2009
If income from a source is altogether exempt from tax (in this case income is exempt u/s 10(38) as STT has been paid) loss from that source cannot be set off against income from a different source or income under a different head or income under same head. Such loss cannot be carry forward.
Citation :- CIT Vs.Thiagarajan (1981) 129 ITR 115 (Mad).
Citation :- CIT Vs.Thiagarajan (1981) 129 ITR 115 (Mad).
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