Losses adjusment

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jay arya......... (Querist)
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17 July 2012 Sir

In F.Y 2011-12 I have Long term Capital Loss from Share. can i carried forward it to next year & also set off in capital gain long term from house property which will be in F.Y 2012-13 & short term capital gain from share also

pls tell me in details

many-2 thanks

CA Rahul Gupta

CA Rahul Gupta (Expert)
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17 July 2012 You can carry forward the Long term capital loss and same can be only set off with Long term capital gain only in next year. You can not set off Long Term Capital Loss with income from House Property.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 July 2012 Long term capital loss on account of share trading on which Securities transaction tax is suffered can't be carried forward as a corollary to section 10(38) of the Income tax Act,1961.
Therefore, question of set off in subsequent year doesn't arise.

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