Set off loss on sale of shares
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 February 2012
HELLO ,
SUPPOSE I SOLD SHARES WHICH I AM HOLDING FROM 1980 & I SUFFERED LOSS NOW BY SELLING SHARES THIS YEAR, CAN I SETOFF
THE LOSS FROM SALE OF OLD SHARES WITH CURRENT YEAR PROFIT(FROM SALE OF SHARES)?
SUPPOSE I SOLD SHARES WHICH I AM HOLDING FROM 1980 & I SUFFERED LOSS NOW BY SELLING SHARES THIS YEAR, CAN I SETOFF
THE LOSS FROM SALE OF OLD SHARES WITH CURRENT YEAR PROFIT(FROM SALE OF SHARES)?
07 February 2012
Your old shares are long term capital assets.
You must have sold the shares through a stock exchange and paid STT on the sale.
Therefore, loss on sale of such shares is a capital loss which has no treatment. Such loss cannot be set off against any income.
You must have sold the shares through a stock exchange and paid STT on the sale.
Therefore, loss on sale of such shares is a capital loss which has no treatment. Such loss cannot be set off against any income.
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 February 2012
thanks a lot
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