Share Sales Loss can be adjusted against salary Income

Sanjay V Mathane (Service) (30 Points)

15 March 2010  

Hi all,

My friend having taxable income from salary Rs 3,60,000/- and

TDS deductable is Rs 26,780/- upto Mar 2010 from salary.

He purchased shares of Rs 1,00,000/- during the financial year 2007-08 and

now want to to sale in Mar 2010.Present markect price is Rs 40000/-.

So that Long term capital loss is Rs 60000/- (Approx)

Can he set off his long term capital loss of sale of shares with salary income and claim refund by filling return with income tax dept.

 

Please give valuable input on the same.

 

Regards

Sanjay