Capital gain and capital loss
Mahender Singh (STUDENT) (147 Points)
30 December 2020
can short or long term loss can be deducted from salary income while filling return???
5 Replies
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 31 December 2020
No, short term capital loss on long term capital loss can be adjusted only through intra head.
Smit Shah
(524 Points)
Replied 31 December 2020
Further short term capital loss can be set off against STCG and LTCG but long term capital loss can only be set off against LTCG
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 31 December 2020
Short term capital loss can be set off against long term capital gain in the same year.but long term capital loss cannot be set off against short term capital gain in the same year. from the next year for what both can be set off against only with them.
Mahender Singh
(STUDENT)
(147 Points)
Replied 31 December 2020
I read somewhere that long term loss can be carry forward for 8years. is I need to mention loss in current year itr to carry it forward??
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