set off and carry forward of losses

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Is short /long term capital loss on shares (stt paid) allowed to carry forward to the next assesment year?
 

Replies (7)

short /long term capital loss on shares can be carried forwarded but they can only be setoff against short /long term capital gains.

STCL can be carried forward 

LTCL capital gain is zero rated so loss can not be carried forward

EVEN IF THE LOSS IS ON SHARES ON WHICH STT IS PAID? AS WE GET AN EXEMPTION ON CAPITAL GAINS ON SHARES STT PAID

there are three natures of shares trade

1) long term capital gain ............exempted under sec 10(38)......as gain is exempted, so carry forward does not mean anything as when gain iz zero rated, what to adjust from zero rated gain?

2) short term capital gain ........... special rate 15% ( sec 111A) ..........gains are to be taxed after adjusting current year STCL+ previous year carried forweard STCL ................if still its loss then carry forward for get set off in next year ( max 8 years)

 

3) intraday trades, -----

a)  this are either business activity where you have option to carry forward ( ITR 4 would be filed in this case) 

b) if its small amount then show speculation loss and forget the chapter.

I HAVE A CLIENT WHO HAS SHORT TERM CAPITAL LOSS ON SHARES OF STT PAID FOR MORE DEN 2LAKHS SO THIS AMOUNT I CAN SET OFF WITH THE CAPITAL GAIN IN THE SAME YEAR AND ALOS IF ANY BALNCE CAN BE CARRIED FORWARD RIGHT?

if there is "short term capital gain" available in the year .........then it must be set off .....then only balance of capital gain should be taxed.

THANX :)


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