Capital Gain Tax

POSTED BY Abhijit Datta ON July 22, 2012 11:59 pm COMMENTS (7)

Sir, I have following questions and if you kindly solve the same it will be of immense help to me.
During 2011 – 12,
(i) I have incurred Short term Capital Loss of Rs. 25879.00 by selling E-Silver which were purchased by me in 2011 – 12, and
(ii) I have incurred Long term Capital Gain of Rs. 13296.00 (without indexation) which comes to Rs. 4533.00 (after indexation) by selling Gold ETF (which were purchased by me in 2009-10).
Can I set off (ii) against (i) and if so what amount will be carried forward to next year Rs. (25879 – 13296) or Rs. (25879 – 4533)?
Thanking you,
Yours sincerely,
Abhijit Datta

7 replies on this article “Capital Gain Tax”

  1. Dear Abijit, on which amount of Tax, the penal interest is charged? Is it STCG? Is it FD Interest? Is it Salary?

    If yopu do not want to disclose your actual numbers in public, please contact me over personal mail ID.

    Thanks

    Ashal

  2. Abhijit Datta says:

    Sir, during FY 2012-13, I have income from (I) salary ( recd. from Govt. of India), (2) FD with Bank and (iii) STCG.

    In respect of salary and FD, TDS have been deducted by my employer and Bank, respectively. The STCG is being set off from the Short Term Capital Loss carried forward from earlier years.

    I have not paid any Advance tax. Today I paid self assessment tax.

    While filing my ITR 2 for AY 2013-14 electronically, I find that it is showing amounts of Rs. 452/- and Rs. 432/- as Interest payable for default in payment of advance tax (Section 234B) and for deferment of advance tax (section 234C), respectively against Sl. No. 6B and 6C of Part B TTI.

    Was I liable to pay advance Tax and if so, when I should have paid the Advance Tax and on which amount of income? If not, what should I do now?

    If my above queries are resolved, it will be of great help as in the previous year.

    Yours sincerely,
    Abhijit Datta

  3. Yes you can set off the loss part with the gain this year and then what ever is remaining can be forwarded to next 8 yrs by mentioning it in the returns

    1. Abhijit Datta says:

      Thank you for your response. But what amount of the gain will be set off? — gain calculated with indexation or without indexation?

      1. Dear Abhijit, the STCL – indexed LTCG ‘ll be available for carry forward.

        Thanks

        Ashal

        1. Abhijit Datta says:

          Thanks for your response. The above information was really helpful for me to file return. One more question—

          Can I view / print/ save my ITR-2 once it has been filed online? I received only ITR V after the return was filed online.

          1. Dear Abhijit datta, the excel sheet prepared by you to file your return is already there in your PC or laptop. so where is the question of getting this file from elsewhere?

            Thanks

            Ashal

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