Long term capital loss on sale of shares

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Jacky (Querist)
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18 May 2016 In ITR 2 where to show LTCL on sale of Shares(listed STT paid) ???
As i have downloaded java utility & This utility is allowing carry forward of such loss in futures years as per schedule CFL (xii) but actually LTCL is not allowed to carry forward as LTCG on sale of shares is exempt U/s 10(38).....

Amol S Joglekar

Amol S Joglekar (Expert)
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19 May 2016 Where you show long term capital GAIN in itr2

Jacky

Jacky (Querist)
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19 May 2016 B.3 (1) From Sale of securities (other than a unit) or Zero Coupon bond where proviso u/s 112 (1) is applicable

Amol S Joglekar

Amol S Joglekar (Expert)
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20 May 2016 please read section 112(1)....it has the mechanism of taxing the long term capital gain arising out of sale of securities and hence the provision.

Jacky

Jacky (Querist)
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20 May 2016 yes sir read it .........it is for long term capital Gain on sale of securities but when there is long term capital loss then also do i need to show it here only right ?? LTCL has no tax treatment & hence it cannot be carried forward but this utility is carrying forward it as i mentioned in my original question....

Amol S Joglekar

Amol S Joglekar (Expert)
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20 May 2016 see, i think your contention is.....since long term capital gain on securities is exempt, how can long term capital loss be carried forward. Is that your contention?

Jacky

Jacky (Querist)
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20 May 2016 yes sir correct that's what i want to know......

Amol S Joglekar

Amol S Joglekar (Expert)
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20 May 2016 under 112(1), long term capital gain on securities is taxable. Since in the ITR2, you are filling the details under B.3(1) of ITR2, it is taxing as per that section.
if you want to claim the same as exempt, fill it in another column.

Jacky

Jacky (Querist)
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20 May 2016 Under which column pls tell me.........where STT is paid LTCG is exempt .....Where to show this ....

Amol S Joglekar

Amol S Joglekar (Expert)
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20 May 2016 you are right, where STT is paid and period of holding is more than 12 months, LTCG is exempt.

Jacky

Jacky (Querist)
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20 May 2016 yes in EI schedule gain can be shown but where to show loss in ITR utility??

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