A quick query with regards to filing I.T returns.
Suffered a STCL of 1.64Lac on Equity shares and gained 1Lac as LTCG.
My chartered accountant has combined both above and shown a STCL of 0.64k to be carried over for future adjustment.
My query - Isn’t LTCG and STCG taxed at separate rates? How can one combine these 2 together?
In the bargain I also lose the LTCG exemption of 1Lac for the current FY and further shorten my STCL by 1Lac, a benefit I could always use against future taxes?
Request the kind guidance of members as the only explanation available from my CA is that the IT form automatically combines these and nothing he can do about it.
Thanks in advance
CAclubindia
