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?.
5 Replies
Rohika PS
(student)
(263 Points)
Replied 15 August 2019
No u should not setoff short term capital loss against salary income. U can Carry forward such loss
Vedangi Deshmukh
(112 Points)
Replied 15 August 2019
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.
praveen
(intermediate)
(303 Points)
Replied 16 August 2019
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
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 16 August 2019
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.
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