17 February 2019
I AM HAVING A SHORT TERM CAPITAL LOSS ON SHARES OF 900000 (9 LAKH) AND LONG TERM CAPITAL LOSS OF 100000 IN F/Y 18-19 CAN IT BE CARRIED FORWARD NEXT YEAR CAN IT BE SET OFF AGAINST ANY INCOME
17 February 2019
yes it can be carried forward. But the set off would be available only against income of similar nature ie the income that is taxable under same head - STCG and LTCG respectively in your case.
18 February 2019
Set off of loss under the same head of income is governed under section 70 of Income tax act,1961. Long term capital Loss can only be set off against Long term Capital Gain and can not be set off against short term capital gain. Unabsorbed Long term capital loss can be carried forward and set off against Long term capital gain in subsequent years. However short term capital loss can be set off against Long term capital Gain and unabsorbed short term capital loss can be carried forward and set off in subsequent years. For further clarification you may login to www.wealth4india.com or Speak to our expert @9266242424
26 February 2019
FOR HOW MANY YEARS CAN I CARRY IT FORWARD TILL IT LAPSES ARE THERE ANY CONDITIONS TO BE MET FOR CARRY FORWARD IF NEXT YEAR I HAVE SHORT TERM CAPITAL GAIN AND NO LONG TERM CAPITAL GAIN WILL LONG TERM CAPITAL LOSS LAPSE IF I DONT SET IT OFF WITH SHORT TERM CAPITAL GAIN
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