Long term loss set off
This query is : Resolved
SANDEEP AGRAWAL
(Querist)
26 March 2014
CAN AN ASSESSEE SET OFF LONG TERM LOSS FORM SALE OF LISTED EQUITY SHARES AGAINST LONG TERM GAINS FROM SALE OF PROPERTY ?
Nikhil Kaushik
(Expert)
26 March 2014
no...long term loss from listed equity shares cannot be set off or carried forward...
SANDEEP AGRAWAL
(Querist)
26 March 2014
WHY ? CAN U GIVE SECTION OR CASE LAW PLEASE.
Nikhil Kaushik
(Expert)
26 March 2014
Sandeep...long term gains from sale of listed equity shares is exempt from taxation. it is the basic rule of taxation that where profit is exempt, loss from the same source cannot be set off or carried forward as it is exempt!
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