LTCG Capital Gain Set off
This query is : Resolved
21 February 2023
I have LTCG for Current Year (Sale of Property) and also have BFL & CY Losses (Sale of Debt Funds) i.e Short Term Loss & Long Term Loss which are adjusted from above CY LTCG.
Also i have LTCG for previous year.
After adjusting CY STCG (Loss) & LTCG (Loss) there is balance in CY LTCG which will be charged @ 20%.
I just want to confirm whether Previous yrs LTCG is to be deducted from CY LTCG or from total head wise income.?
Say my CY LTCG after adjusting STCL & LTCL is Rs 5000/- & Other Income is Rs 10,000/- and my Previous yrs LTCL is Rs 2000/-. From where Rs 2000/- can be adjusted. Either from 5000 or from 10,000/-
Also i have LTCG for previous year.
After adjusting CY STCG (Loss) & LTCG (Loss) there is balance in CY LTCG which will be charged @ 20%.
I just want to confirm whether Previous yrs LTCG is to be deducted from CY LTCG or from total head wise income.?
Say my CY LTCG after adjusting STCL & LTCL is Rs 5000/- & Other Income is Rs 10,000/- and my Previous yrs LTCL is Rs 2000/-. From where Rs 2000/- can be adjusted. Either from 5000 or from 10,000/-
21 February 2023
LTCL of preceding year can be set off with current year LTCG only. It cannot be set off with any other income.
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