Tax on C/F short term capital gain
This query is : Resolved
Bhalchandra K Sawant
(Querist)
16 March 2011
Dear Sir,
In case of our cilent there is a short term capital loss on sale of shares (with STT paid) for AY 2009-10 it was C/F to AY 10-11 & again it will be C/F to AY 11-12.
Now the question is can this C/F short term capital loss will set-off against the long term capital gain on sale of gold for the year ended 31.03.11. There is also a business loss of Future & options transaction from stock market will this loss will be set-off against the long term capital gain on sale of gold for the year ended 31.03.11.
In case of our cilent there is a short term capital loss on sale of shares (with STT paid) for AY 2009-10 it was C/F to AY 10-11 & again it will be C/F to AY 11-12.
Now the question is can this C/F short term capital loss will set-off against the long term capital gain on sale of gold for the year ended 31.03.11. There is also a business loss of Future & options transaction from stock market will this loss will be set-off against the long term capital gain on sale of gold for the year ended 31.03.11.
CA PARAS BAFNA
(Expert)
16 March 2011
Q Can this C/F short term capital loss will set-off against the long term capital gain on sale of gold for the year ended 31.03.11.
Ans =Yes.
Q.
Business loss of Future & options transaction from stock market will this loss will be set-off against the long term capital gain on sale of gold for the year ended 31.03.11.
If Business Loss is of the same year as of the LTCG it can be set off.
Ans =Yes.
Q.
Business loss of Future & options transaction from stock market will this loss will be set-off against the long term capital gain on sale of gold for the year ended 31.03.11.
If Business Loss is of the same year as of the LTCG it can be set off.
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