54f ltcg ltcl

LTCG 27.5L

STCG 7.8L  

Sale value wrt LTCG  88.9L.

invested 48L for buying house

Question:

Can we deduct STCG 7.8L for tax calculation?

Can we offset LTCL carried forward from this LTCG?

what is the tax payable?

1. No.
2.  Yes.
3. Depends upon LTCG derived from.

STCL is 7.8 L, not STCG. 
after computing prorated exemption of LTCG, LTCL and STCL are allowed to be offset to find the tax payable, is it not?

It will get deducted from LTCG first...