LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Capital Gains

Srinivas Sharma KN (Tax Consultant) (292 Points)

23 October 2008

Hi,

The assessee (Company) has filed the return for the A/Y 2006-07 within due date. During the financial year 2005-06, the assessee had short term capital gains from mutual funds which the company had set off to carried forward loss. Now, the IT assessment is going on? Whether setoff of carried forward loss with short term capital gain is right? Can assessing officer levy tax on STCG, if yes, at what rate?

Reply
Follow
Share

2 Replies

madhur gupta (student/article ) (1022 Points)
Replied 23 October 2008

Originally posted by :Srinivas Sharma KN
"	Hi, The assessee (Company) has filed the return for the A/Y 2006-07 within due date. During the financial year 2005-06, the assessee had short term capital gains from mutual funds which the company had set off to carried forward loss. Now, the IT assessment is going on? Whether setoff of carried forward loss with short term capital gain is right? Can assessing officer levy tax on STCG, if yes, at what rate?	"