STCL vs LTCG

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MANOJKUMAR (Querist)
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13 April 2010 I have a STCL ( Mutual funds ) Rs.-16,000/-I have a LTCG ( MF & SHARES ) Rs. 75,000/-

Can STCL be set off against LTCG ?
Can STCL be carried forward ?

CMA.Palani Arumugam

CMA.Palani Arumugam (Expert)
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13 April 2010 Short term capital loss r.w.s.94(7) in respect of units of mutual funds or UIT/Securities & 94(8) in respect of units of mutual funds or UTI :
1) can be adjusted against any capital gain in the same year.
2) Can be carry forward and set-off against any capital gain in the subsequent year.
3) Can be carry forward upto 8 years.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 April 2010 AGREE

MANOJKUMAR

MANOJKUMAR (Querist)
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13 April 2010 Thank u so much for the reply. I have one more query.

A STT of Rs.3094/- was deducted by MF Company. Can a refund be claimed for that? hows it to be treated.?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 April 2010 STT IS NOT ALLOWABLE. YOU CAN NOT DEDUCT STT FROM YOUR INCOME.

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