Set off of short term capital loss
This query is : Open
26 August 2015
Suppose i had short term capital loss in last year of Rs. 50000/- which is c/f in current year.
In current year i have short term capital gain of Rs. 60000/-, so now in this case will i pay capital gain tax on Rs. 10000/- after set off of last year loss or will i pay capital gain tax on complete amount of Rs. 60000/- ?
In current year i have short term capital gain of Rs. 60000/-, so now in this case will i pay capital gain tax on Rs. 10000/- after set off of last year loss or will i pay capital gain tax on complete amount of Rs. 60000/- ?
26 August 2015
No you will pay tax only on net amount after set off i.e. Rs. 10000/-.
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26 August 2015
Can it also be done in the manner that while preparing tax computation for current year i do pay short term capital gain tax on entire Rs. 60000/- and subsequently Rs.50000/- is being deducted from my Gross taxable income.
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