Can long term capital loss be squared off by salary income

Thanks for reply but my question on TDS was how to claim.. I can see the TDS in form 26 AS but how should this need to claim during ITR filing.

Sanjeev

Dear Sanjeev Kumar,

As per Section 71 of Income Tax Act, 1961 Loss under one haed of income can be set-off against income assessable under any other head of income. However exception to this rule is that loss under the head Capital Gains cannot be set off against income under any other head.

i) It means that Long Term Capital Gains cannot be set-off against Salary income since Salary income is chargeable under haed Income from Salary.

ii) Since the TDS has been deducted under section 194(IA) you can claim the TDS in your return of Income Tax as you are claimming the TDS for your Salary and other income as usual. In case Total Tax Payable by you is less that the total TDS deducted from anyone refund will be granted by the Income Tax Department.

Regards

Rohit Gupta

RHT1203 @ GMAIL.COM
 

One more thing you need to consider is the stamp duty of the property you have sold if it is lower than you cosideration then it is ok otherwise the capital gain / loss will be calculated on Stamp duty value.