Set off of stcl on shares stt paid against ltcg on land
This query is : Resolved
20 January 2014
Facts:
Short term capital loss on shares:Rs. 150345
Short term capital gain on shares:Rs. 213747
Long term capital gain on land: Rs.262147
My question is from which gain the STCL on shares should be set off ? And why ?
Any reference to legal provision will be appreciated
Short term capital loss on shares:Rs. 150345
Short term capital gain on shares:Rs. 213747
Long term capital gain on land: Rs.262147
My question is from which gain the STCL on shares should be set off ? And why ?
Any reference to legal provision will be appreciated
21 January 2014
Long term capital loss can be set off from long term capital gain only. Whereas, short term capital loss can be set off from both i.e long term as well as short term capital gain.
In your case long term capital gain on land would be chargeable @ 20% whereas short term capital gain on shares is chargeable @15% u/s 111A.
Hence it is advisable to set off the above loss from long term capital gain.
Your tax would be work out as follows:
Tax @15 % on 213747 = 32062
Tax @20% on (262147-150345)= 22360
In your case long term capital gain on land would be chargeable @ 20% whereas short term capital gain on shares is chargeable @15% u/s 111A.
Hence it is advisable to set off the above loss from long term capital gain.
Your tax would be work out as follows:
Tax @15 % on 213747 = 32062
Tax @20% on (262147-150345)= 22360
Message likes :
1 times
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- FORM 26A APPLICABILITY
- SFT Cash Deposit in Current Account
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
