Long Term Capital gain suffered with securities transaction tax is fully exempted u/s 10(38). whether we can set off Long term capital loss suffered STT?
Kindly clarify..
Rakesh Kumar
(B.Com ( H ) Pursuing CA Final )
(327 Points)
Replied 03 June 2008
no cannot set off the long term capital loss where securities transaction tax as already been deducted if ur selling through any stock exchange.. if u want to set off the long term capital loss on securities u need to sell them to ur friends i e need to sell them out of stock exchange ull be allowed to setoff the loss from other long term capital gain...or carry forward the loss to next yr....
Rakesh Kumar
(B.Com ( H ) Pursuing CA Final )
(327 Points)
Replied 03 June 2008
becus securities transaction tax will not be deducted as ur not dealing through stock exchange..so ull save STT as well as can set off the loss from other long term capital gain or carry forward the loss for further set off..
Rakesh Kumar
(B.Com ( H ) Pursuing CA Final )
(327 Points)
Replied 03 June 2008
becus securities transaction tax will not be deducted as ur not dealing through stock exchange..so ull save STT as well as can set off the loss from other long term capital gain or carry forward the loss for further set off..
Rakesh Kumar
(B.Com ( H ) Pursuing CA Final )
(327 Points)
Replied 03 June 2008
becus securities transaction tax will not be deducted as ur not dealing through stock exchange..so ull save STT as well as can set off the loss from other long term capital gain or carry forward the loss for further set off..
Nilesh
(Service)
(38 Points)
Replied 03 June 2008
Income which is exempt from tax cannot be set-off in case of loss under the similar head, since the type of income is not taxable.
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