Long term capital gain set off
Priyanka Ojha (41 Points)
01 March 2019
can long term capital loss in equity oriented mutual funds be set off against any other long term capital gain?
2 Replies
Adhiseshan
(PROFESSIONAL)
(80 Points)
Replied 01 March 2019
If you have incurred a long term capital loss on selling shares or equity mutual fund units after 31.3.2018 then you can set them off against any LTCG , as profits/gains on long term shares or equity funds are now taxable in excess of Rs. 1 lakh; this amendment was announced in Budget 2018. Also, you can also carry forward these losses for setting off in later years up to 8 assessment years.
Prior to 31.03.2018, there was no tax on Long Term Gains on Shares & Equity Funds, therefore Long Term Capital Loss on Shares and Equity Funds was considered as a dead loss. Therefore, the same was not set off or carried forward.
Shares and Equity Funds are long term capital assets when held for more than 12 months.
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