close
Share with your friends

India: Treatment of long-term capital loss; bonus shares

India: Treatment long-term capital loss; bonus shares

The KPMG member firm in India has prepared reports about the following tax developments (read more at the hyperlinks provided below).

1000

Related content

  • Long-term capital loss on sale of listed shares (income from which is exempt from tax) allowed to be carried forward and set-off against other long-term capital gains: The Kolkata Bench of the Income-tax Appellate Tribunal in the case of United Investments held that long-term capital loss arising on the sale of listed shares (income from which is exempt from tax) can be carried forward and set-off against other long-term capital gain. The case is: United Investments v. ACIT. Read a September 2019 report [PDF 231 KB]

  • Provisions do not apply to bonus shares: The Delhi Tribunal held that provisions of section 56(2)(vii)(c) of the Income-tax Act, 1961 do not apply with regard to bonus shares because, concerning bonus shares, there is neither any increase nor decrease in the wealth of the shareholder. Thus, provisions of section 56(2)(vii)(c) do not apply to bonus shares. The case is: Smt. Mamta Bhandari. Read a September 2019 report [PDF 814 KB]

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal