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Offset long term capital loss with short term gain

Varun (Self) (28 Points)

09 June 2014

Hi,

I have loss Long Term Capital Gain due to selling of equities. Can i offset it with the short term capital gain from equities in same year? If yes how do we declare this in Form 2?

Regards,

Varun

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2 Replies

(Guest)

No, LTCLoss cannot be setoff against STCGain.

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CA Saurabh Khatri (Business) (73 Points)
Replied 09 June 2014

Yes, CA Madhavi Pandit is absolutely right, but I want to add more i.e. the long term capital losses can't be set-off from any income.

Because the LTCG are exempted under section 10(38), therefore its loss can't be set-off against any income. So, you have to pay taxes @ 15% under 111A on short term capital gains if you have been charged STT.