Set off capital gains query
This query is : Resolved
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
RAJENDRA RAO
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.
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.
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