TaxTMI 
TaxTMI 
Long term capital loss against gain
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....ong term capital loss against gain<br> Query (Issue) Started By: - Anil Kalia Dated:- 22-8-2008 Last Reply Date:- 22-8-2008 Income Tax<br>Got 1 Reply<br>Income Tax<br>A is having long term capital los....
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....s on transactions of sale shares not covered under the provisions of section 10(38) and he is also having long term capital gain from transactions of sale of shares covered under the provisions of sec....
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....tion 10(38) of the Income Tax. Please advice : Whether the long term capital loss incurred on sale of shares transactions not covered u/s 10(38) will be set off aganist long term capital gain from tra....
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....nsactions covered u/s 10(38) or will be allowed to be carried forward as per the provsions of Income Tax. Reply By DKKOTHARI: The Reply: Refer to S. 70 (3). The income which is exempt u/s 10 (38) is ....
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....kept apart and does not go into computation of GTI. Therefore, there is no question of allowabel LTC loss to be set off against tax free LTCG. Besides in S. 70 words used are 'assessee shall be entit....
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....led..', therefore, there is an entitlement which the assessee may or may not avail.<br> Discussion Forum - Knowledge Sharing ....