Loss on sale of pledged shares

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sanganeriask

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Loss on sale of pledged shares
« on: December 05, 2018, 01:05:08 PM »
my client had pledged some listed shares to a financial institution for availing a loan. On failure to repay the loan the lender invoked the pledged shares and sold the shares thru stock exchange in their name and credited the proceeds in the loan account. My query is that whether the loss incurred on such sale is allowable to be set off with capital gain arising on sale of other shares on which STT is not paid.