Hi, Frnds, I have tax query on Sale of Long Term Capital Loss. I had Purchased a Shares of various co's (Listed in Stock Exchange) in the Year 2007, which of them are running in losses. I want to sell all shares. My query is whether the Loss on the sale of Equity Share will be taxable on my hand for the Current F.Y. 2012-13. I want to exit from all the shares which are at current loss and want to buy the other. Pls. help me in this case.
Thank in advance
Bhavesh
LTCG on sale of Shares on which STT is paid are exempt from tax.
So the LTCL on sale of Shares on which STT is paid; also cannot be used to set off against LTCG.
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LTCG on sale of Shares on which STT is paid are exempt from tax. So the LTCL on sale of Shares on which STT is paid; also cannot be used to set off against LTCG. |
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since when did loss on capital gains become taxable? discounting for incorrect usage of word, Fenil has covered for other possible query of set offs
Hi
Since the LTCG from such sale is itself it exempt u/s 10(38), then no question of setting off loss from same sale.
Remember
I you treat you Investment as stock-in-Trade non exemption will be available under Section 10(38), Therefore it may treat as buiness loss & can be set off under provisions of SET & CARRY FORWARD OF LOSSES
you have to show it as long term capital loss
since LTCG u/s 10(38) for sale of shares after 1 year of purchase from RSE is fully exempt
therefore you can not book loss for the same also. So, no question of SET OFF or Carried forward of loss arises at all.
Further you are not doing Speculation Business and now you can not carried forward the loss by debiting expenses and showing the loss of speculation business.
It was your investment and let it be investment.
If you show your loss as speculative business loss then all the incomes you recd from shares will be taxable at normal slab rates in future
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