2007-03-05 22:55:38 · 3 answers · asked by KP 2 in Business & Finance ➔ Taxes ➔ India
You don't have to pay any tax on capital loss.You can set off your capital loss against capital gain if any and if capital gain is not sufficient you can carry forward your capital loss to subsequent years, for that you have to file your income tax return on or before due ate
2007-03-05 23:11:35 · answer #1 · answered by SUNIL R 1 · 0⤊ 1⤋
If the shares that you have sold are transacted on a recognised stock exchange the broker will have to pay securities transaction tax @ 0.125 on the value of the transaction whether you have a gain or loss on the sale. You do not have to pay any tax on capital loss. If the loss is a long term loss(i.e. shares are held for more than 1 year before sale), then there is no carry forward possible. If the loss is short-term(shares were held for 1 year or less) then it can be carried forward and set off against short term capital gains in future years.
You need to keep documents of purchase and sale of these shares and any documents from the broker showing the securities transaction tax paid.
2007-03-07 18:57:25 · answer #2 · answered by sonali_n 2 · 0⤊ 1⤋
tax is charged on income & not loss details of your transactions & copy of contract slip is proof for loss
2007-03-07 06:42:15 · answer #3 · answered by bora_nc 2 · 0⤊ 1⤋