Person has Taxable Salary Income - Rs.560000 and he incurred short term capital loss Rs.72000/- by selling shares of listed companies. Can he set off his short term capital loss against his salary income?.
Menu
Short Term Capital Gain
Replies (5)
No u should not setoff short term capital loss against salary income. U can Carry forward such loss
No, short term capital loss can be set off only against short term capital gain and long-term capital gain.Hence he cannot setoff such liss against salary.
nop never salary never be set off with any loss except house property and specially stcg loss only off with stcg or ltcg so it's carry forward can't be set off
Thank you for all
1. According to sec 70(1) loss under the head Capital Gains in the nature of Short term capital asset can only be set it off against income under the head Capital Gains.
2. So in the above case, Short Term Capital Loss cannot be set it off against salary income.
Please correct me if the above solution has an alternative view.
Recent Topic
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
Related Topics
CAclubindia
