Short term capital loss adjustment to loan term capital gai

This query is : Resolved

kamlesh parmar (Querist)
Follow

17 March 2013 our comp. year 2011-12 sales of machiney & machinery sales loss rs.42 lacs in current year 2012-13 we are sales shed & plot gain rs.25 lac my question is short term capital gain adjust to loan term capital gain ?

Guest

Guest (Expert)

17 March 2013 A short term capital loss can be set off against against both short term capital gain as well as long term capital gain.

Also, short term capital loss can be carried forward for 8 years.

In your case,loss on machine would have been a short term loss as it considered under the block of asset. Your Short term capital loss can be set off against long term capital gain .