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Show equity ltcg in exempt income or setoff against stcg

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Amit Gupta

Employee

77 Points Posted on 10 July 2012

Dear friends,

I have query regarding showing equity LTCG on which STT is paid. In current assessment year , I have both equity LTCG and STCG. on LTGC, as, usual , STT is already paid. Should I setoff these STCG against LTCG in ITR or show LTCG as exempt income?

with many advance thanks,

Amit

Replies (1)

Vikram Bhatia

CA Final

95 Points Posted on 10 July 2012

First of all it is not cleared whether u hav incurred STCL or LTCL.

1. If it is assumed that there is LTCG & STCL.

Now any LTCG on equity shares on which STT is paid will be exempted & any loss cannot be setoff from any exempted income, therefore u cannot setoff any loss from LTCG.

so you shall show the LTCG exempted income seperately in ITR.