Capital gain

Batul (Article assistant) (207 Points)

27 July 2011

Can long term capital loss be set off against short term capital gain from sale of property??

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9 Replies

Mihir (Wealth Manager) (5293 Points)
Replied 27 July 2011

No, long term capital losss can be set off with only long term capital loss for following 8 ay.

CA J.Alamelu lakshmi (Chartered Accountant) (857 Points)
Replied 27 July 2011

Originally posted by : Mihir
	No, long term capital losss can be set off with only long term capital loss for following 8 ay.

agreed

Vijay (Adamo Studio) (2112 Points)
Replied 27 July 2011

cant be set off in any case

Batul (Article assistant) (207 Points)
Replied 27 July 2011

We are using taxbase software and the loss is being set off on its own by the software against short term capital gain

Mihir (Wealth Manager) (5293 Points)
Replied 27 July 2011

contact taxbase software people to find a way to override .

Sunshine (Helping All) (10575 Points)
Replied 27 July 2011

no it cannot be set off...long term capital loss can be set off only against long term capital gain

Batul (Article assistant) (207 Points)
Replied 27 July 2011

ok thanks evry1

Mukesh Kumar Singh (CA-FINAL) (4094 Points)
Replied 27 July 2011

cant be set off in any case

Somshekar (Rankholder) (-) (158 Points)
Replied 27 July 2011

Long term capital loss can be set off against long term capital gain only

Please read the set off provision carefully u will get the answer refer section 70 inter source

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