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[diosys]

Please answer my following query :
Suppose I hold 100 shares of a company, acquired many years ago, in a Demat account ( Joint) of which I am the first holder. If I transfer these shares to another Demat account in which I am the sole holder, by off market transaction, will it change the date of acquisition of the shares? If I sell these shares after 2 months of such transfer, will the period of holding be considered long-term from income tax point of view? Please reply.

No the date of holding would remain the original purchase date. Be ready with the original contract note since that is the only evidence which you would have to prove that when the shares were bought

 

[nac]

Welcome back dio...

Its been a long time...

Hope you doing good...

 

[raja1344]

hi diosys
i have a question to you.
1. can long term capital gain be set off with business loss in a fiscal year.
2. suppose i have a 100 share of amount 2 lacks for long term and i have business income 20000. if i sale this 2 lacs share then my total income (rs 220000)which is taxable.
if 31st march i sell some shares from those 100 shares of amount 80000 and 1st april i sell rest shares of amount rs120000 and that year i have bsn loss of rs 20000.then can i avoid taxable income for both the years?
pls. reply soon
raja

 

[diosys]

hi diosys
i have a question to you.
1. can long term capital gain be set off with business loss in a fiscal year.
2. suppose i have a 100 share of amount 2 lacks for long term and i have business income 20000. if i sale this 2 lacs share then my total income (rs 220000)which is taxable.
if 31st march i sell some shares from those 100 shares of amount 80000 and 1st april i sell rest shares of amount rs120000 and that year i have bsn loss of rs 20000.then can i avoid taxable income for both the years?
pls. reply soon
raja

No cannot be set off

And long term capital gain is exempt hence selling all together or in tranches would not have any effect.

The business loss would be carried forwarded and set off from your business income from future. This can be carried forwarded for 8 yrs

 

[goodbrother]

I have short term capital Loss say 20000 - shares
also LongTerm Capital Gain 25000 same year - shares

my query is

can I set off this short term capital loss with Long term capital Gain if do not want to carry forward loss to next year.
or
will have to take Long term capital gain gain this year Tax - zero , and carry forward short term capital loss to next year

GB

 

[diosys]

I have short term capital Loss say 20000 - shares
also LongTerm Capital Gain 25000 same year - shares

my query is

can I set off this short term capital loss with Long term capital Gain if do not want to carry forward loss to next year.
or
will have to take Long term capital gain gain this year Tax - zero , and carry forward short term capital loss to next year

GB

Yes, It can be set off.

But it would be one's loss since short term Capital loss would have been carried forwarded for 8 years and set off against any short term capital gain tax liability of the future.

 

[goodbrother]

Yes, It can be set off.

But it would be one's loss since short term Capital loss would have been carried forwarded for 8 years and set off against any short term capital gain tax liability of the future.

thanks,

it means STCG and LTCG are two different heads . if I have Long Term capital loss then it will be setoff with Long Term capital gain in same year or carried forward next year for set off in 8 years .

similar will be case with Short term capital Gain/Loss

both these may be carried forward in respective heads for 8 years for set off.

 

[magnet]

thanks,

it means STCG and LTCG are two different heads . if I have Long Term capital loss then it will be setoff with Long Term capital gain in same year or carried forward next year for set off in 8 years .

similar will be case with Short term capital Gain/Loss

both these may be carried forward in respective heads for 8 years for set off.

Since long term gain is tax free hence long term loss too is tax free.It cant be carry forward except its from business.

I might be wrong but for shares i am sure long term capital loss cant be set off.But for other entity it can be but not for shares.

 

[goodbrother]

Since long term gain is tax free hence long term loss too is tax free.It cant be carry forward except its from business.

I might be wrong but for shares i am sure long term capital loss cant be set off.But for other entity it can be but not for shares.

dear magnet
Thanks for your above reply to my querry
"it means STCG and LTCG are two different heads . if I have Long Term capital loss then it will be setoff with Long Term capital gain in same year or carried forward next year for set off in 8 years .

similar will be case with Short term capital Gain/Loss

both these may be carried forward in respective heads for 8 years for set off. "

I am confused that how Long term capital Loss is Tax free ? it's upto me to claim or not .
my querry is if we may carry forward the Long term capital loss like short term capital loss to next year or not.
should we square off the loss in same year with the capital ?

DIOSYS please comment to my querry

 

[raja1344]

No cannot be set off

And long term capital gain is exempt hence selling all together or in tranches would not have any effect.

The business loss would be carried forwarded and set off from your business income from future. This can be carried forwarded for 8 yrs

Hi Diosys
thanks for your reply.
but pls. clear my confusion. whether i have to pay no tax for for my long term capital gain? if no, then as my regular bsn. is share trading so, can i show my long term income as bsn. income and set off with loss.
pls. reply soon.
raja