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Set off of long term capital gain

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(Querist)
16 January 2012 During current FY (2011-12) i have Long Term Capital Gain on sale of Gold ETF and Long Term Capital Loss on Sale of Equity Shares(STT).

Can i set off this loss from the gain?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
16 January 2012 Long term capital loss can be set off only from long term capital gain.

But, long term capital loss arising from transfer of shares on which STT has been paid is not allowed as loss. It is a dead loss and has no treatment. This is so because long term capital gain on which STT has been paid is exempt from tax. Therefore, in case of loss, it has no treatment.

So, you cannot set off this loss against long term gain.
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