can we setoff speculative short term capital loss with speculative Long term capital gain which is exempt because the LTCG is from sale of shares on which STT is paid
is there any provision in the It Act ,Becuse the LTCG is exempt we can't setoff STCL from sale of shares for the A.Y 2008-09
Actually There is No Such Concept of Speculative STCG & Speculative LTCG.
Please Correct UR Question
i came to know that speculative loss can be carry forward for only 4 years. keeping that in mind i hope my speculation concept in setoff & carry forward exists.
| Originally posted by : AYUSH AGRAWAL | ||
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Actually There is No Such Concept of Speculative STCG & Speculative LTCG. Please Correct UR Question |
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ya agreed
agreed with ayush...there is speculative or non speculative STCG/LTCG
There is no section from section 70 To 80 (under the chapter of set off , setoff and carry forward of loss) for speculative LTCG/STCG.
Either it can be speculative loss or LTCG/STCG.
Charging section of specultion loss/profit is section 28. While chargeability of LTCG/STCG create u/s 45.
In other words there is no such type concept in income tax
as per sec.43(5), speculation loss is CF & set off only against speculation income. It is CF till 4 AY.
CF only if the ROI is filed.
Thanks for asking this question...
It enhanced my knowledge...
i agree with ayush......
There is no any provision in capital gain of speculative as said by Ayush sir.............Agreed..
But yah! for your information i would like to tell that there is one provison according to which any loss can't be setoff from exempt income.
The provision which you stated in your second reply, Kirshna is applied on Speculative Business Loss.
I agree with the above views that there is no provision in the Income Tax Act which specify Speculative LTCG/STCG.
speculative business loss can be setoff against profit of speculative business and it can be carry forwarded for 4 A .Y.
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