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Capital Loss can be set off in salary income

hari2009 (Executive) (224 Points)

29 January 2009

hi,

whether we can show the capital loss in salary income

please suggest me

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2 Replies

(Guest)

Capita loss cannot be set off against any other heads of income sec 70 and 71

only shart term capital loss can be set against capital gain (whether short term or long term)

You can carry forward capital loss

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CA. Ashok shah (CHARTERED ACCOUNTANT) (333 Points)
Replied 29 January 2009

Loss under the head “Capital Gain” can not be set-off against income under other heads of Income. Long-Term Capital loss can be set-off against Long Term Capital Gain only. Short term capital loss can be set-off against against any capital gain (Whether long-term or short term).(Refer Sec. 70& 71)