Dear Experts
Long Term Capital Gain from equity shares above Rs. 1 lacs is taxable @ 10% from AY 2019-20 if STT is paid.
I have Long Term Capital Loss from off market sales of equity shares (STT is not paid). Can I set off this loss against above gain?
Please give details section/rule of IT under which it is allowed / disallowed to set off.
Regards
Shripal
Simple rule of adjustment..... LTCL can be adjusted against LTCG only...
YES
IT SET OFF AGAINST LOSS AGAINST LONG TERM CAPITAL GAIN INCOME ,
AFTER 1 LAC LESS FROM INCOME AND TAX ON 10%
IF INCOME IS 200000 FROM STT FROM LONG TERM
AND LOSS FROM STT NOT PAID SHARES IS -50000
TAX= (200000-50000)-100000*10%
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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