Query –
What is the latest rule of cap gains taxes in the budget for financial year 2018-19? Can long term capital gains losses of equity shares be adjusted against long term capital gains received from sale of land in the current financial year? If yes, is there any limit on such adjustments? Kindly advise. (S.C. Singh, email: s_ch_singh@yahoo.co.in)
Opinion:
1. By the FA 2018, LTCG on shares is made Taxable. It is taxable at a special rate of 10%. Further, it is taxable only on amount exceeding Rs. 1 Lakh.
2. Since LTCG on share is no more exempt, Loss can be set off against LTCG arising on sale of Land.
3. There is no limit on adjustment for such Loss.
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