Can LTCL on sale of shares(STT Paid) can be set off against LTCG on sale of Jewellery.?
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Set off?
Replies (5)
Long Term Capital Loss cannot be set-off against any long term cap gains since LTCG is itself exempt u/s 10(38).
whatever........,
Long Term Capital Loss WILL BE SET-OFF against Long Term Capital Gain from jewellery.
i know everybody above posted will oppose me so for kind information i tag a case law for you.
CIT V Harprasad & Co. P. Ltd [2008 -TMI - 6439 - SUPREME Court
Anupama and pratik agrawal u wrote u/s 10(38) - my friends it is not a matter for this section. it is related to section 70.
Long Term Capital Loss cannot be set-off against any long term capital gains since LTCG is exempt u/s 10(38).
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