NUTSHELL LAW FIRM

Loss---Carry forward and set-off---Long-term capital loss on sale of shares---AO denying assessee's claim in view of exemption available to long-term capital gain under section 10... Conclusion: Section 10(38) excludes in express terms only 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 had to be allowed to be carried forward under section 74... As an Advocates & Legal Consultants' firm we offer our services towards taxation, civil & criminal cases, family laws, corporate laws... We are based in Ghaziabad in Uttar Pradesh, India.