Set off Loss
This query is : Resolved
17 June 2009
Will Long term capital loss arising from sale of shares which is equity and on which STT is paid be allowed for setoff?
17 June 2009
Yes it is allowed to setoff but only against long term capital gains.
17 June 2009
it will not be allowed for setoff
17 June 2009
capital gains exempt from tax U/S 10 reads as : long term capital gain on transfer of securities not chargeable to tax in cases covered by STT sec 10(38) and capital loss on such transfer is not taken into account
thus it can not be setoff.
thus it can not be setoff.
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