Set off of capital gains loss loss

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This query is : Resolved

Dasari Vamsi (Querist)

21 June 2016 Dear Sir/Madam,

One of our Client has a Short Term capital Loss from sale of Shares which are taxable under section-111A. He also has a Long term Capital Gains from sale of Property. Whether the the short term Capital Loss from sale of shares can be set off against the Long term capital gains from sale of property?. if yes or no, under which section ?

Rupesh Jain

Rupesh Jain (Expert)

21 June 2016 yes short term loss can be set off against the short term and long term capital gain.

Dasari Vamsi

Dasari Vamsi (Querist)

21 June 2016 Dear Sir,

Can you please elaborate your reply by supporting with any section or Case law.

My query is
Normally the Short term Capital Gains U/s 111A is taxable at 15% and the short term capital gains on transfer of property are taxable at higher rate of 30% (Assuming total income> 10L). Can both eligible for set off?

Rupesh Jain

Rupesh Jain (Expert)

21 June 2016 its under the law
you can see
blog.cleartax.in/set-off-carry-forward-capital-losses/

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