Hello CA club,
Can gains from short term capital gains(equity) can be adjusted/set off against long term capital loss from equity in a particular Financial year ?
Thanks
Josh
10 Replies
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 23 March 2009
No.! Long term Cap loss can be sett off only against Long term cap gains...........not short term cap gain....
CA. Narendra Kumar
(ACA ...ACS)
(81 Points)
Replied 24 April 2009
no.set off is not possible
remeber set off loss of short term capital from LTCG are allowable under IT Act.[gf
vijay
(.)
(212 Points)
Replied 26 April 2009
Dear Josh,
From Asessmet Year 2003-2004 long term capital loss can be set off from long term capital gain only.
short tem loss CAB BE set off against STCG and LTCG.
I hope that you will find this information useful.
Regards
Vijay Kumar
Amol
(Service)
(65 Points)
Replied 27 July 2009
I have a related question:
How should long term captial loss due to sale of listed shares where STT has been paid be treated in the ITR?
If there is a long term capital gain due to sale of shares where STT has been paid, then it would come under Schedule EI (Exempt income). Where should loss be entered? (The xls utility does not allow negative values in Schedule EI).
If it has to be/ can be entered in Schedule CG, can this be off set against any kind of LTCG (say non listed Shares) in future?
CA CS Amit Borade
(Chief Accountant)
(2828 Points)
Replied 27 July 2009
Set off is not available in future.
Amol
(Service)
(65 Points)
Replied 27 July 2009
Thanks for you reply.
The question on where this should be entered in ITR is still unanswered.
Few questions if the answer is that it should not be mentioned anywhere in the ITR:As a record shouldn't this be entered under Schedule CG? Also what if tomorow LTCG on securities where STT is paid becomes taxable? We should be allowed to off set of previous years and hence it should be mentioned in Schedule CG isn't it?
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 31 July 2009
Mr. Amol
The capital gains in your case do not form the part of the total income. Hence the question of a loss for setting off against future gains does not arise at all.
Best Wisehs
Sathikonda
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