Long Term Capital Loss on sale of shares
This query is : Resolved
04 May 2011
Hi,
1)Can I carry forward Long Term Capital Loss on sale of shares to next assessment year.
2) Can I adjust other Long Term capital gain against Long Term Capital Loss on sale of shares.
1)Can I carry forward Long Term Capital Loss on sale of shares to next assessment year.
2) Can I adjust other Long Term capital gain against Long Term Capital Loss on sale of shares.
04 May 2011
Your query is good but, what is the use of carry-forward of the Long term capital loss on sale of shares when the Long Term capital gain is exempt from tax. Section 10(38)
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04 May 2011
carry forward Long Term Capital Loss on sale of shares for adjusting against Long Term capital gain on sale of other assets other than shares.
04 May 2011
Loss from exempt source cannot be carried forward - If the loss arising in the previous year was under a head not chargeable to tax, it could not be allowed to be carried forward and absorbed against income in a subsequent year from a taxable source. In such cases, neither the assessee is required to show the same in the return nor is the ITO under any obligation to compute or assess it, much less for the purpose of ‘carry forward’ - CIT v. Harprasad & Co. (P.) Ltd. [1975] 99 ITR 118 (SC).
Since gain is exempt loss cannot be used for set off or carried forward.
Since gain is exempt loss cannot be used for set off or carried forward.
04 May 2011
No. You cant do this. If you are getting an exemption from Income under particular head, then you cannot carry forward the loss from that particular head to set it off against any other taxable head whether from same source or any other source.
04 May 2011
No. You cant do this. If you are getting an exemption from Income under particular head, then you cannot carry forward the loss from that particular head to set it off against any other taxable head whether from same source or any other source.
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