Is there Wash Sale Rule in India ?

[r2i-mumbai]

Any updates on Wash Sale Rule in India?

I read the entire thread and I did not find any discussion about wash sale rule besides the OP. As far as I know, there is no wash sale rule in India but do we have to transact in multiple demat accounts for harvesting ST capital losses? Why can't we sell and buy in the same account on the same day?

Any comments from experts will be appreciated.

[mkngtrbl]

From a recent article in economic times, there is no wash sale rule. They do suggest that if you are doing it using the same account, give it a day or two's gap so that the transactions are correctly documented with proper time-stamps.

[r2i-mumbai]

From a recent article in economic times, there is no wash sale rule. They do suggest that if you are doing it using the same account, give it a day or two's gap so that the transactions are correctly documented with proper time-stamps.

Can you please post a link to the article if you have it? thanks.

[dbs]

Any updates on Wash Sale Rule in India?

Not an expert.
There is no wash sale rule stated in the act as far as I know (that is not very far, either.)

Back in 80's, based on the advise of my broker and accountant, I would transact between mine and my wife's accounts. Their concern was about harrassment and accusation of tax avoidance.
I of course had a friendly broker.
It kept the tax man off my back.
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A fine is a tax for doing wrong. A tax is a fine for doing well.

[mkngtrbl]

Can you please post a link to the article if you have it? thanks.

Read it in the paper (hard copy - something else I picked up after moving back). I'll see if I can find it again and post and image or the online equivalent.