Adjusting Proceeds of Sale of second House against Loss on Sale of Shares

hello

Mrs A have 2 Residential properties. both are more than 7 years old. She resides in 1st house and 2nd is rented out.

Mrs A sells second house.

since its second house, she's liable to pay LTCG.

she holds a few listed shares bought 5+ years ago, which are in negative.

she sells those share and incurs losses.

second residence sale and loss making listed shares are sold in same FY.

can the loss incurred from shares be adjusted against profit from second house ?

please advise.

thanks

 

 

Replies (2)
Quick Summary
This discussion explores whether capital losses from selling shares can be offset against the capital gains tax liability arising from the sale of a second residential property. The consensus is that long-term capital losses can indeed be adjusted against long-term capital gains, as per Section 70 of the relevant tax legislation.

Yes, it can be done as long term capital loss can be adjusted against long term capital gain as per section 70.

thanks for your reply. will look in to the section 70 as mentioned by you.

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