What is the duration for an asset to be considered a short-term capital asset in the context of capital gains tax on shares?

Less than 12 months Less than 24 months Less than 36 months More than 36 months

Which section of the Income Tax Act, 1961, specifically addresses the tax liability on gains from equity shares and related instruments?

Section 115A Section 111A Section 80C Section 80U

Are short-term capital gains on shares exempt from taxation?

Yes, all short-term capital gains are exempt. Yes, but only for senior citizens. No, there are no exemptions for short-term capital gains on shares. Exemptions depend on the type of shares.

Can individuals offset short-term capital losses on shares against other capital gains?

Yes, they can be offset against both short-term and long-term capital gains. Yes, but only against short-term capital gains. No, losses on shares cannot be offset against any other gains. Only if the losses exceed a certain threshold.

What is the maximum duration for which individuals can carry forward short-term capital losses on shares for tax adjustment purposes?

4 assessment years 6 assessment years 8 assessment years 10 assessment years