Skip to main content

Mumbai ITAT allows set-off of long-term capital loss arising from sale of STT paid equity shares

By

Mumbai ITAT allows set-off of long-term capital loss arising from sale of STT paid equity shares

June 12, 2015[2015] 58 taxmann.com 115 (Mumbai - Trib.)

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).

--
M/s N.K. Goel & Bros.
cayashugoel.blogspot.com
Chartered Accountants
CA Yashu Goel
9899263490

Comments

Post a Comment

Popular posts from this blog

CBDT Instruction No 5/2014 dated 10.07.2014

By
Dear Members,   The Hon'ble CBDT has issued Instruction No 5/2014 dated  10.07.2014 , by which the monetary limits for filing appeals to ITAT / HIGH COURT / SUPREME COURT have been revised.   The New limits are:                                  Tax effect Appeal before ITAT                                Rs.  4,00,000/- High Court                                               Rs. 10,00,000/- Supreme Court                                        Rs. 25,00,000/-   Copy of Instruction is attached for your information.
Post a Comment
Read more

DUE DATE FOR FILING INCOME TAX RETURNS EXTENDED

By
    LAST DATE FOR FILING INCOME TAX RETURN FOR NON-AUDIT and salary returns for AY 2013-14 EXTENDED The CBDT has issued a Press Release stating that the due date for filing of returns u/s 139(1) of the Income-tax Act, 1961 is extended to August 5, 2013 TEXT OF THE PRESS RELEASE PRESS INFORMATION BUREAU GOVERNMENT OF INDIA AS A MEASURE OF TAXPAYERS CONVENIENCE, LAST DATE OF FILING OF RETURNS EXTENDED TO 5TH AUGUST, 2013 New Delhi: July 31, 2013 Shravana 9, 1935 There is an unprecedented surge in number of returns being e-filed during this year. 92.03 lakh returns have been e-filed up to 30th July, 2013 which is 46.8 % higher than the returns e-filed during the corresponding period of the last fiscal year. Due to large number of taxpayers accessing e-filing website on due date of filing, some cases of taxpayers not being able to access the e-filing portal have been reported. These problems are primarily due to network constrains of the local int...
Post a Comment
Read more

GST - Electronic invoicing (E Invoicing) made mandatory

By
E-invoice has been made mandatory for taxpayers having turnover exceeding 10 crores from 1st October, 2022: Notification 17/2022 Central Tax dtd 01/08/2022 It implies that any registered person whose aggregate turnover in any preceding financial year from FY 2017-18 onwards has exceeded Rs 10 Crore shall issue E-invoice w.e.f 1st October 2022 . -- CA Yashu Goel 9899263490 M/s N.K. Goel & Bros. Chartered Accountants www.TaxingNarad.COM
Post a Comment
Read more