Mumbai ITAT allows set-off of long-term capital loss arising from sale of STT paid equity shares
IT : Long-term capital loss of sale of equity shares attracting STT is allowed to be set off against long term capital gain on sale of land in accordance with section 70(3)
• Section 10(38) excludes in expressed terms only the income arising from transfer of Long term capital asset being equity share or equity fund which is chargeable to STT and not entire source of income from capital gains arising from transfer of shares.
• It does not lead to exclusion of computation of capital gain of Long term capital asset or Short term capital asset being shares.
• Accordingly, Long term capital loss on sale of shares would be allowed to be set off against Long term capital gain on sale of land in accordance with section 70(3).
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