Capital gain/loss

478 views 2 replies

Dear Sir,

I had purchased 1000 units of an equity mutual fund in 2008 and sold the same at a loss of Rs 7500 in 2011 - loss calculated without indexation.

Would this be a Capital loss and should I show this Capital loss in mt income tax returns for AY 2012-13. Wouls I be able to adjust my capital gains of sale of my other equity mutual fund sales and carry this loss of Rs 7500 for the next 7 years?

Please advise 

Sunil

 

 

Replies (2)

As per Sec 10(38) of I.T Act long term capital gains on sale of Shares/MF is exempt from the tax provided they are sold on recognised stock exchange and STT is paid. therefore, loss from exempted incomes are not eligible to be set off and carry f/wd.

totally agree with above

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