POSTED BY September 13, 2011 11:56 pm COMMENTS (5)
ONRecently there was a discusion in the forum on selling and buying back on same day in Equity MF to transfer a fund to another person name.
I have a question with respect to Short term captial loss in connection to this.
Assume i have invested 1 lakh in a MF in April and it is down -10% by December .
Now i sell and buy back this MF on the same day. Which will not invlove any additional cost for me. Can i show this Short Term Captial Loss in my income tax to compensate for the Short term captial gain obtained elsewhere(shares,other MF etc)?
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Dear TheZionView, yes the so called STCL can be adjusted against taxable STCG or taxable LTCG.
Thanks
Ashal
HI Nayan,
This is a long term capital loss, which is of no use.
Regards
Abhishek
I bought a Kotak Indoworld Infrastructure MF in 2008 and sold it off last week at around 7% loss. Can I claim tax benefit on this loss? If yes when can I claim it?
If done by the same person, yes it will get short term capital loss.
Remember, there is a 0.25% STT associated with selling of the equity MF (which you can also claim).
HI Zion View,
If you are selling and then buying in some other persons name, then the story changes.. Are you Selling first and Buyin in your own name ?
Abhishek