HELLO MEMBERS

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Query Ask a Query

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Querist)

02 April 2009 SHORT TERM LOSS CAN BE SET OFF WITH SHORT TERM PROFIT, PLS GIVE ME CLEAR DETAILS

Taranjit Singh

Taranjit Singh (Expert)

02 April 2009 Well, you can set off capital losses only against capital gains and not against any other income. you carry forward these losses to next year and so on for eight years. In the subsequent years, if you earn any capital gain, you can set off these losses and thus optimise your tax liability. Please note that taxable long-term capital gain can be set off only against long-term capital loss, whereas short-term capital loss can be set-off against both short-term capital gain as well as taxable long-term capital gains.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)

02 April 2009 I agree with Mr. Taranjit Singh

Deepak Goel

Deepak Goel (Expert)

03 April 2009 Short term loss can be set off with in same year against long term. But carried forward short term loss can be set off agaist short term loss only.

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Querist)

03 April 2009 THANKS FOR ALL REPLYING TO MY QUERY...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now