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Capital gains

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(Querist)
08 March 2011 I have a short term capital loss, can i adjust short term capital loss against interest income under section 71 of the IT act? Please reply ASAP.
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Ravikant

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Ravikant (Expert)
08 March 2011 NO, IT CAN BE SET-OFF ONLY AGAINST INCOME UNDER THE HEAD CAPITAL GAINS,i.e, LTCG OR STCG
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CA Punit

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CA Punit (Expert)
08 March 2011 agree.. STCL can be set off only against CGs
except LTCG u/s 10(38)
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