Comment on Taxation Simplified

Nithin Kamath commented on 31 Jan 2013, 01:21 PM

1. If you carry equity for more than a year and make a loss it becomes a long term loss, this can be net off against any long term capital gain like gain in gold, real estate or any other capital asset.
All f&o losses become like your business loss and can be net off against any short term gains( equity trading where you buy/sell within a year).
2. You cannot carry forward a profit even if you keep the cash in your trading account. If you make profits you have to pay the taxes the same year, but if you make losses you can carry forward.

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