under section 10(38). LTCG on sale of shares is exempt.
if there is long term capital loss on shares on which STT has been paid, will it be allowed to be set off against any other long term capital gain.
CHAYA MAHESHWARI (Chartered Accountant) (42 Points)
08 July 2009under section 10(38). LTCG on sale of shares is exempt.
if there is long term capital loss on shares on which STT has been paid, will it be allowed to be set off against any other long term capital gain.
Sourabh Sharma
(CS CA (Final) M.com NCFM Derivative Capital Market Mutual Funds)
(771 Points)
Replied 08 July 2009
No it can not be set off with any other long term capital gain.
Sangam
(CA)
(1329 Points)
Replied 08 July 2009
ya LTCG under sec.10(38) is exempt 4m tax..
& loss 4m it cant be set off against any income....
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9058 Points)
Replied 08 July 2009
it cant be sett off as source is exempt
praveen
(Chartered Accountant)
(6971 Points)
Replied 09 July 2009
it cannot be set off agaist any other capital gain.
CA Lovenish Bansal
(JOB)
(343 Points)
Replied 09 July 2009
LTCG is exempt u/s 10(38) only when is sold in recognise stock exchange. If you sold these shares out of the rceognised stock exchange loss on these shares can be adjusted against LTCG.
Thanks,
Lovenish Bansal
CA Lovenish Bansal
(JOB)
(343 Points)
Replied 09 July 2009
LTCG is exempt u/s 10(38) only when is sold in recognise stock exchange. If you sold these shares out of the recognised stock exchange loss on these shares can be adjusted against LTCG.
Thanks,
Lovenish Bansal
PiyushAgrawal
(Chartered acooutant in practice)
(575 Points)
Replied 09 July 2009
Originally posted by :CHAYA MAHESHWARI | ||
" | under section 10(38). LTCG on sale of shares is exempt. if there is long term capital loss on shares on which STT has been paid, will it be allowed to be set off against any other long term capital gain. |
" |
If any income is exempt under section 10. than loss regarding to that income can't setfoff against any other income.
ca tarun sharma
(SERVICE)
(277 Points)
Replied 09 July 2009
i agree with lovenish bansal because ltcg on shares is exempt u/s 10(38) if stt is paid & if stt is not paid it will be taxable so it's loss also can be set off from only ltcg
SURESH
(accounts dept)
(60 Points)
Replied 09 July 2009
TAXABLE LTC LOSS CAN BE SETT OFF FROM TAXABLE LTCG. BUT EXEMPT INCOME CAN NOT BE SETT OFF FROM ANY TAXABLE INCOME.
Alwin Rodrigues
(Executive Accounts)
(21 Points)
Replied 02 June 2010
Dear Sir / Madam,
If Shares of pvt.ltd company has sold to other Pvt.ltd company out of recognised stock exchage, which is owned by the assessee.Is the LTCG taxable? % of Tax.
Purchase | Name of Scrip | Sales | |||||||
Date | Qty | Rate | Value | Date | Qty | Rate | Value | Profit | |
18240 | Company | ||||||||
24/11/05 | 18240 | 10 | 182400.00 | 26/09/09 | 590 | 842 | 496,780.00 | 314,380.00 | |
18240 | Total | 590 | 496,780.00 | 314,380.00 |
Thanks & Regards,
Alwin
Sandeep Kumar
(learner)
(81 Points)
Replied 04 June 2010
it can not be set off against any source of income