Answers On Topic: set off
For assessment year 2023-24, a resident assessee, an individual, has capital gains on sale of shares of companies registered in Singapore. All investments were made by him when he was in Singapore in Singapore Dollars in 2014. These shares were sold in financial year 2022-23 and proceeds were received in Singapore dollars in Singapore and were deposited in bank account in Singapore. Since for A Y 2023-24 he is a resident and ordinarily resident under Income tax Act, he is required to show capital gain/loss arising from the sale of those shares. Queries are (a) whether the gains/losses can be…
► Read Answer
If i have a capital gain from equity mutual fund of rs. 400000 after deducting rs. 100000, my gain tax will be 40000 rs. If it is to be set off against long term capital loss, i have to saw loss of only 40000 or 400000 rs?
► Read Answer
can LTCG on land be set off against LTCL in shares before the date of grandfathering was introduced ?
► Read Answer
A company is earning capital gains from sale of shares attracting STT as well as capital gains from other shares/units of MFs without STT. Can the company adjust only the losses from the STT paid shares against the profit of non-STT paid shares without adjusting it against the profits from STT paid shares? Can the Income-tax department raise objection and adjust STT paid losses first against the profits from STT paid shares and only the remaining loss is allowed to be adjusted against profit from non-STT paid shares?
► Read Answer
TAXABILITY OF CAPITAL GAINS ARISING OUTSIDE INDIA