Long term capital loss on sale of equity shares

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 May 2014 SIR,
A COMPANY HAS INCURRED LONG TERM CAPITAL LOSS ON SALE OF EQUITY SHARE RS.1.30 CRORES AND HAS EARNED A LONG TERM CAPITAL GAIN ON SALE OF LAND
PLEASE GUIDE ME WHETHER THE CAPITAL LOSS CAN BE SET OFF AGAINST CAPITAL GAINS
THANKING YOU

Rupesh Jain

Rupesh Jain (Expert)
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31 May 2014 long term capital on equity shares are exempt u/s 10(38) if transaction tax paid by comp[any.
if your company doing business then loss of shares will taxable under income from business and profession then no set off the loss.
if both loss and income are investment then you can set the loss.

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