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TMI BlogSet off of loss on blockX X X X Extracts X X X X X X X X Extracts X X X X ..... S.2(42A,50,71and74. S. 50 is not withstanding S.2(42A).S.71 and 74 has to be ead with S.2(42A). Therefore, deemed STCG u/s 50 which is really on transfer of a long-term asset, can be set off against o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther LTC Loss. Similarly deemed STC Loss u/s 50, which in reality is on transfer of a LTCa asset can only be set off aginst LTC gain on other assets. Suppose block I is fully long-term and on that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re is loss. Block II is short term and long term both and there is gain. Whetehr the loss on Block I can be set off against Block II gains. Whether Loss on Block I can be set off against gain on any o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther capital asset, becasue it is deed as short term u/s 50. Possible view is that S.50 apply only in case of gain and not in case of loss. and that for S.71 and 74 period of holdig is to be considere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d even while considering set off of loss in one block and gains in other block where in both block S 50 apply. - Reply By Rama Krishana - The Reply = You are requested to please put your own views w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith example. - Set off of loss on block - Query Started By: - DEV KUMAR KOTHARI Dated:- 15-10-2009 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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