LTCG on Shares STT Paid Losses
This query is : Resolved
22 July 2010
Can LTCG loss for shares Exempted U/s 10 be carry forward if not set off against the income of current year.
22 July 2010
If STT is paid ,long term capital gain/loss is exempt under section 10(38) and hence question of set off/ carrying forward does not arise.
22 July 2010
LTCG loss exempted can neither be set off nor carry forward
22 July 2010
Dear
can you please provide me in income tax bare act whre i can find this under which section. following is bare act reproduced which dose not say anything regarding this:
[Losses under the head “Capital gains”.
74. [(1) Where in respect of any assessment year, the net result of the compu- tation under the head “Capital gains” is a loss to the assessee, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year, and—
(a) in so far as such loss relates to a short-term capital asset, it shall be set off against income, if any, under the head “Capital gains” assessable for that assessment year in respect of any other capital asset;
(b) in so far as such loss relates to a long-term capital asset, it shall be set off against income, if any, under the head “Capital gains” assessable for that assessment year in respect of any other capital asset not being a short-term capital asset;
(c) if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on.]
(2) No loss shall be carried forward under this section for more than eight assessment years immediately succeeding the assessment year for which the loss was first computed.
(3) [Omitted by the Finance Act, 2002, w.e.f. 1-4-2003.]]
Suggest
can you please provide me in income tax bare act whre i can find this under which section. following is bare act reproduced which dose not say anything regarding this:
[Losses under the head “Capital gains”.
74. [(1) Where in respect of any assessment year, the net result of the compu- tation under the head “Capital gains” is a loss to the assessee, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year, and—
(a) in so far as such loss relates to a short-term capital asset, it shall be set off against income, if any, under the head “Capital gains” assessable for that assessment year in respect of any other capital asset;
(b) in so far as such loss relates to a long-term capital asset, it shall be set off against income, if any, under the head “Capital gains” assessable for that assessment year in respect of any other capital asset not being a short-term capital asset;
(c) if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on.]
(2) No loss shall be carried forward under this section for more than eight assessment years immediately succeeding the assessment year for which the loss was first computed.
(3) [Omitted by the Finance Act, 2002, w.e.f. 1-4-2003.]]
Suggest
22 July 2010
Query is till open
22 July 2010
when shares are sold through recognised stock exchange and STT is paid then it is covered u/s 10(38).
so there is no ques of looking at section 74 here
so there is no ques of looking at section 74 here
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Itr 1 processing
- Off Market debit and credit transaction
- Building and other construction workers welfare cess act 1996
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Form 10BD Filling
- Bank accounts of Non resident
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
