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?.
MOHAMED SALIM (SENIOR FINANCE EXECUTIVE) (64 Points)
15 August 2019Person 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?.
Rohika PS
(student)
(263 Points)
Replied 15 August 2019
Vedangi Deshmukh
(112 Points)
Replied 15 August 2019
praveen
(intermediate)
(303 Points)
Replied 16 August 2019
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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