Ronnie fernandese (RETIRED) (116 Points)
06 March 2016I have long term capital gain on sale of my house property and long term loos against sale of my equitry shares. Can I offset against one another. If yes, should it be done in same accounting year? Please advise. Thanks.
ANAND
(CA)
(133 Points)
Replied 06 March 2016
Long term gain on equity shares is exempt as of now, so u can't set it off against gain from house property.
Ronnie fernandese
(RETIRED)
(116 Points)
Replied 06 March 2016
Thanks. I have long term capital LOSS in shares. Can I offset against against LT gain in property sale. Is it necessary to offset in same year?
ANAND
(CA)
(133 Points)
Replied 07 March 2016
As gain is exempt on shades, u can't adjust the loss with gain on house property. U can only save tax by buying a new home or invest in bonds
CAclubindia
