if in the given AY if both LTCG and LTCL both are there ,is it necessary to set off LTCG AGAINST LTCL although LTCG is less than Rs 100000/- ?
please confirm
regards
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(184832 Points)
Replied 03 September 2021
Yes, it is mandatory; and the software is designed as per the rule...
v devanathan
(Partner of a CA Firm)
(132 Points)
Replied 03 September 2021
Yes, As per set-off provision u/s. 70(3), LTCL for a year shall be set off against LTCG for that year, even if the LTCG fig is less than 1lakh. Because, LTCG per se is taxable but for tax liability, the threshold of Rs.1 Lakh is allowed u/s. 112AA.
sabyasachi mukherjee
(27713 Points)
Replied 03 September 2021
Long term capital gains after April 2018.
A new section was introduced wherein sec 112A but was restricted to some class of assesses.
A new section was introduced wherein sec 112A but was restricted to some class of assesses.
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