So here's the scenario -
Property Sale:
Property purchased in May 2011, sold in June 2023.
Original cost of acquisition: 21,00,000
Indexed cost of acquisition: 21,00,000 x (348/184) = 39,71,740
Sale consideration: 30,00,000
Long term capital LOSS = 9,71,740
Mutual Funds Sale:
Long term capital GAIN = 10,20,000
Query:
Can long term capital gain from Mutual Funds setoff against long term capital loss from property sale, so that:
Effective long term capital gain = 10,20,000 - 9,71.740 = 48,260?
Thanks for your time and inputs!