Set off long term capital loss

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You can indeed set off a long-term capital loss incurred from the redemption of an ELSS fund against a long-term capital gain made from selling a residential property. The law does not impose any restrictions preventing this kind of offset.

Rajinder Kapoor

Rajinder Kapoor (Querist)
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17 August 2020 Dear Sir
I incurred long term capital loss from redemption of ELSS (Sundram Diversified Equity -Regular-Dividend Fund ) after 3 years of investment, during FY 2019-20. Can I set off this long term loss with the long term capital gain incurred in FY 2020-21 from sale of the residential property ? Please advise. Thanks

CA Raj Doshi

CA Raj Doshi (Expert)
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18 August 2020 Yes. setoff is possible.

Akash Dhanuka

Akash Dhanuka (Expert)
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18 August 2020 Yes there is no restriction in the law...you can set off such Long term capital loss against Long-Term Capital Gains from residential house property

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