Whether the condition regarding depositing CG within sixty days is not too short?
Yes. It may pose hardship in some of the cases. For example, it restricts setoff against the loss incurred within sixty days only. As per the proposed provisions, income under the head CG has to be computed by aggregating CG of each IA disposed off. It may so happen that after disposing off a particular IA, the assessee may opt for depositing CG under CGSS. In the process, tax payable in respect of the same may be nil. However, subsequent to the same, if the assessee dispose off another IA and incurs the loss, the benefit of setoff of loss for the said particular IA against the CG for earlier IA will not be available. This is for the reason that by making deposit of CG in CGSS, CG has been made nil. In view of this, loss incurred on the sale of second IA will have to be setoff against the CG arising subsequently in the same FY or to be carried forward for setoff in the next year. In order to provide flexibility, it is advisable to extend the said period up to 31st March of the FY. This
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