Hello,
I want to know if Long term Capital Gain can be set off against first Long Term Capital Loss and thereafter, if gain still remains, with Short Term Capital Loss?
Regards
Rajiv
6 Replies
Amit Potadar
(Consultant)
(135 Points)
Replied 19 February 2021
Hi Rajiv,
First you should go for Intra Head adjustments, in case of excess amount you can offset the same with inter-head also. incase there is no LTC Loss then you offset the LTCG with STC Loss.
Amit.
prasad Nilugal
( GST Practitioner & Accounts )
(14846 Points)
Replied 19 February 2021
please refer section 74(1) (b) of the Income Tax act 1961 , One can not set off Short term capital loss against Long term capital gain , In think in any case .
Kapadia Pravin
(17264 Points)
Replied 19 February 2021
Short term capital loss will have to be carry forward. it can not be set off against LTCG
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 20 February 2021
Hello,
STCL can be set off against LTCG
but LTCL can't be set off against STCG.
STCL can be set off against LTCG
but LTCL can't be set off against STCG.
SUSHANT BIDAYE
(597 Points)
Replied 20 February 2021
Yes Krishna is right.
restriction is only for LTCL, StCL can be set off either against STCG or LTCG
restriction is only for LTCL, StCL can be set off either against STCG or LTCG
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