Capital gains
This query is : Resolved
22 December 2011
whether long term capital loss on sale of mutual funds (stt paid) can be used to set off against other incomes?
22 December 2011
No. It can not be done.
Long-term capital loss can be set off only against long-term capital gain. A long-term capital loss for a case where the long-term capital gain is exempt from tax will have no value. For example, if a share is held for a year or more and then sold at a loss, there will be no tax benefit. So this loss cannot be set off against any other income. And Long Term Capital Gain from sale of shares (STT Paid) is exempt itself.
Long-term capital loss can be set off only against long-term capital gain. A long-term capital loss for a case where the long-term capital gain is exempt from tax will have no value. For example, if a share is held for a year or more and then sold at a loss, there will be no tax benefit. So this loss cannot be set off against any other income. And Long Term Capital Gain from sale of shares (STT Paid) is exempt itself.
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