@ ranch, @ tushar, @ rajni, @ future ca. . . . . . As per my opinion stcl on equity coverd u/s 111a i.e. Taxable @ 15% but stcg on debenture(stt not paid) not covered u/s 111a i.e. Taxable @ slab rate. . . . Then how we can adjust it. . . . . . . . I m not against any of u, only want clarification, plz correct me if i m wrong. . . . . Waiting for reply. . . . . THANKS
Pls understand that wat u referred above r tax rates n are mentioned in diffrent chapter of IT ACT,1961.
Setting off Losses are governed by different chapters of it. Both chapters function independently.
Speculative loss even if short term can be still be set of against Speculative income of long term in nature, for which even rates are dfiff ................so there is no comparison as such u can make.
even I have the same doubt...Mr.Sanjay asked about Short term capital Loss and Gain.....nothing is mentioned about Intraday trading......then how we can treat it as speculation business?please clarify....
1)short term capital gains(be it positive gain or negative gain i.e. STCL) on equity shares n equity orietned funds are governed by sec 111A and accordingly charged at 15%.
2)whereas STCG on debentures are charged at normal slab rate i.e. @ 30%.
3)so STCL on equity shares on which gain is charged @ 15% cannot be adjusted against STCG on debentures on which gain is charged @ 30% as it would be in appropriate to set off loss which is otherwise chargeable @ 15% from gains on debentures which is chargable @ 30%.