Set off of stcl on shares stt paid against ltcg on land
This query is : Resolved
MANISHA PAHUJA
(Querist)
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
CA Mohit Bansal
(Expert)
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
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