short term capital loss offset and off market transfer query

POSTED BY Srinivasan Jambunathan ON June 17, 2013 6:01 pm COMMENTS (2)

Dear Forum memebers,

Kind help answer my following queries for tax filing:

1. I surrendered my ICICI Pension plan that I was holding for 9 years, last year and earned an amount of Rs. 97,700. I understand that this is taxable. Which section of ITR 2 should I indicate this income. Please let me know. Is this a long term capital gain?

2. I have a small short term capital loss due to equity/shares for 632. Can this be set off against the amount earned in my pension plan

3. My father transferred some shares from his ICICI direct account to my account through off market transfer. He was holding all those shares for > 1 year before doing the transfer. Are there any tax implications for my father or me due to the transfer.

4. If I sell some shares that I received through the above off-market transfer, before 1 year, what would be tax implications.

Regards,

Srinivasan

2 replies on this article “short term capital loss offset and off market transfer query”

  1. srinivasan j says:

    Dear Ashal,

    Thank you very much for all your answers. You have clarified all my queries.

    Thanks,
    Srinivasan

  2. Dear Srinivasan, The pension plan surrender amount is taxable as income from other source.

    STCL can be adjusted against STCG or LTCG only.

    No tax lioability on father transferred shares.

    As the combined holding period ‘ll be more than 1Y, tax free for you.

    Thanks

    Ashal

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