If long term capital gain is exempt then whether we can use the long term capital loss(which will be exempt it were gain)to set off other long term capital gain which is not exempt.
CA PRAMESH AGARWAL (Profession) (152 Points)
04 August 2009If long term capital gain is exempt then whether we can use the long term capital loss(which will be exempt it were gain)to set off other long term capital gain which is not exempt.
amit
(student)
(35 Points)
Replied 04 August 2009
| Originally posted by :PRAMESH AGARWAL | ||
| " | If long term capital gain is exempt then whether we can use the long term capital loss(which will be exempt it were gain)to set off other long term capital gain which is not exempt. | " |
No we can not setoff the loss of taxable long term capital gain with the exempted long term capital gains
Ajay Chaudhary
(CA)
(63 Points)
Replied 04 August 2009
No, we cannot do that. it is the loss related to exempt income n will not form part of the total income.
Kailash Sharma
(CA- Final Student)
(148 Points)
Replied 04 August 2009
No Pramesh U cannot set off LTCL against LTCG.
CA.Shaleen Srivastava
(CA , CWA*, Bcom(H))
(1999 Points)
Replied 05 August 2009
No setoff against it
CA Rashmi
(final cleared)
(680 Points)
Replied 05 August 2009
no u cant setoff, bcoz exempt income means not coming in purview of tax n incom includes both positive nd negative.
CA Rashmi
(final cleared)
(680 Points)
Replied 05 August 2009
no u cant setoff, bcoz exempt income means not coming in purview of tax n incom includes both positive nd negative.
CA Guru M
(B.com, CA, CS)
(1547 Points)
Replied 05 August 2009
Hi Pramesh,
Since the Exmpted LTCG is not taxed, LTCL cannot be set off with other LTCG.
CA CS Amit Borade
(Chief Accountant)
(2828 Points)
Replied 05 August 2009
U can not claim exempt incomes set off against non exempt Income.
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