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working for 94(7)

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(Querist)
10 September 2010 What is the correct procedure for doing working u/s 94(7)of IT ACT
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
10 September 2010 This section is related to dividend stripping.

The condition for its applicability is :

1. shares or units of MF purchased before 3 months &
2. shares or units of MF has been sold 3/9 month, respectively after

the dividend record date.

If in the above transaction , there is a STCL, just ignore that loss to the extent of dividend recd on those shares or units.

& claim the remainder loss.
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