Nifty linked debentures

Dear TVVS Swamy,

As per my opinion the below can be analysed:

1. The LTCG can be set off with the STCL from the eqity shares both last and current yr. If it was the otherwise the same is not possible.

2. And there is an understanding,  where there can be LTCL arising from the sale of Equity oriented units which has suffered STT and which is exempt if the same was a Gain, cannot be set off with any other LTCG arising from sale of any LTCA. This is due to the fact dat if there was a gain the same is not taxable, i.e., Exempt u/s 10 and thus if there is a loss arising from the same there will be no benefit alloted n=by the Act. 

Regards,

Srikanth.M.S