| COURT: | ITAT Mumbai |
| CORAM: | Amit Shukla (JM), B. R. Baskaran (AM) |
| SECTION(S): | 10(38), 70(3) |
| GENRE: | Domestic Tax |
| CATCH WORDS: | capital gains, exempt income, long-term capital asset, loss |
| COUNSEL: | Madhur Agrawal, S.E. Dastur |
| DATE: | June 10, 2015 (Date of pronouncement) |
| DATE: | June 19, 2015 (Date of publication) |
| AY: | 2007-08 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 10(38), 70(3): Though the LTCG on sale of equity shares (subject to STT) is exempt from tax u/s 10(38), the long-term capital loss on sale of such shares can be set-off against the taxable LTCG on sale of another asset | |
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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