Set off capital gains query

This query is : Resolved

rajendra rao (Querist)
Follow

18 November 2021 LTCG OF 53000 & STCG OF 84000 FROM SHARE TRADING.CARRY FORWARD LOSS FROM FY2019-20 IS 2.3 LAC.PENSION PLUS OTHER INCOME 6.5 LAC AFTER AVAILING ELIGIBLE DEDUCTIOS UNDER 80C,80G,80TTB.USING COMPUTAX SOFTWARE ATTEMPTING SET OFF OF STCGOF 84000 LED TO SETTING OFF OF LTCG OF 53000 ALSO WHICH I UNDERSTAND IS WRONG SINCE LTCG UPTO 1LAC IS EXEMPT.PLEASE ADVISE WHAT TO DO.THANKS
RAJENDRA RAO

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

18 November 2021 Rule for adjustment of bought forward capital losses:
In the subsequent year(s), such loss can be adjusted only against income chargeable to tax under the head “Capital gains”.
however, long-term capital loss can be adjusted only against long-term capital gains.
While short-term capital loss can be adjusted against long-term capital gains as well as short-term capital gains.
The adjustment is mandatory against the current year gains, even if it may not be taxable.

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