Set off short term loss against long term capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2011 dear Friends

I have some Short Term Speculation Lossses , Where I am not Able to Pay & to Pay these Losses , I have to take Either Loan from Bank or Sell-off some of My UNLISTED SHARES held for more than 3 years

will IT allow me to Set off Short Term loss against Long term Capital Gain form Unlisted SHares

pls advice

Preety Parik

Preety Parik (Expert)
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05 September 2011 1. U have said it is speculation loss , then
speculation loss has to set off against speculation profit only, in that case u cannot set off loss against LTCG of shares.

2. If the short term loss is not speculative, it can be set off against income from unlisted shares.

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2011 As LTCG for unlisted shares is @ 20% , eventhough short term losses for shares held less than a year , would IT allow SET OFF, due to diff tax structure

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Preety Parik

Preety Parik (Expert)
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05 September 2011 Yes, Short term lossess can be set off against Long term capital gain