I have LTCG (taxable) of Rs. 11,21,632 & STCL (10% STT Paid) of Rs.14,30,134 in A.Y. 2009-10
B/f LTCL -
A.Y. 2002-03 - Rs. 4896891
A.y. 2003-04 - Rs. 933142
A.Y. 2004-05 - Rs. 1429381
For filing revised return of A.Y. 2009-10, which loss should be set off first against LTCG of Rs. 1121632
Reply me sooooooooonnnnnn................guys
Loss of LOng term capital gain can be set off upto next 8 assessment years.
so you can set off the loss of A.Y. 2002-03 first.
Dear Urvi,
First Current year losses are set off & hence STCL - Rs. 14,30,134 is to be set off.
And the remaining STCL OF AY 2009-10 WILL BE CARRIED FORWARD
Yes Amir is right
i not seen that it is short term capital loss, i think it is short term capital gain.
shouldnt C.Y. STCL be first set off aginst LTCG and then B/F LTCL
Can't got your point
plz clearify.
Dear Jitendra,
Firstly, the LTCL of 2002-03 is set off against current years LTCG & then next years' loss is set off because it can be carried forward only for next 8 assessment years. This years' remaining loss can be carried forward to next 8 Assessment years. Hence it is suggestable to set off loss of 2002-03 first.
i completely agree with Amir......first current year STCL will be adjusted against current year LTCG and the remaining STCL of A.Y.2009-10 will be carried forward.........
CAclubindia
