Capital gain tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 Hi!

Can Short Term Capital Loss set off against Long Term Capital Gain?

Long Term Capital Gain:
Commercial Property Sold which was bought in 1994.
Long Term Capital Gain Calculated WITHOUT indexation with an intention to go with 10% Tax on Gain.

Short Term Capital Loss:
Furniture Sold Of the above sold property which was made before approx 8-9 yrs and 10% Depriciation taken every year.

Can i get set off of above Short Term Capital Loss against Long Term Capital Gain?

How?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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27 February 2014 As per Section 70(2), short term capital loss can be set off against either STCG or LTCG.

Therefore short term capital loss can be set off against LTCG.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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27 February 2014 Short term capital gain is to be treated as business income and regular tax is to be paid and if it is in the same year then the loss if any can be adjusted

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 Hello Agrawal Sir!!!

Here Loss is occured from sale of furniture which is under heading "Fixed Assets" and has been depriciated by 10% every year.

Do this loss called "Short Term Capital Loss"?

If Yes, Can it be set off against Long Term Capital Gain on sale of Commercial Property?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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27 February 2014 If the block ceases to exist, then the resultant loss will be short term capital loss and can be set off from LTCG.