LOSS ON TRANSFER OF LONG-TERM SHARES AND UNITS can be set off against other capital gains, even if ‘profit’ or ‘gain’ would be exempt if transaction of transfer has suffered security transaction tax

LOSS ON TRANSFER OF LONG-TERM SHARES AND UNITS can be set off against other capital gains, even if ‘profit’ or ‘gain’ would be exempt if transaction of transfer has suffered security transaction tax https://www.taxtmi.com/article/detailed?id=6316 Shares and mutual fund units held as investments are capital assets and require computation of capital gains or losses, with indexation for long term assets. Section 10 exemptions for specified gains where STT applies exclude only the particular income arising and do not make the entire head "capital gains" or the underlying source exempt. Consequently, long term capital losses computed under the capital gains rules can be set off and carried forward under the statutory set off provisions, subject to fulfilment of procedural conditions and proper computation. en-us Sat, 20 Jun 2015 05:49:16 +0530 Sat, 20 Jun 2015 05:49:16 +0530 TaxTMI RSS Generator LOSS ON TRANSFER OF LONG-TERM SHARES AND UNITS can be set off against other capital gains, even if ‘profit’ or ‘gain’ would be exempt if transaction of transfer has suffered security transaction tax https://www.taxtmi.com/article/detailed?id=6316 Shares and mutual fund units held as investments are capital assets and require computation of capital gains or losses, with indexation for long term assets. Section 10 exemptions for specified gains where STT applies exclude only the particular income arising and do not make the entire head "capital gains" or the underlying source exempt. Consequently, long term capital losses computed under the capital gains rules can be set off and carried forward under the statutory set off provisions, subject to fulfilment of procedural conditions and proper computation. Articles Income Tax Sat, 20 Jun 2015 05:49:16 +0530 https://www.taxtmi.com/article/detailed?id=6316