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Capital gain set off against pgbp income

Ankush (Student) (1374 Points)

19 October 2019

Is the same allowed?

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3 Replies

Dipesh Jha (PRACTICE ) (673 Points)
Replied 19 October 2019

No...Capital loss can be settof against capital gain only
However Reversal can be possible(i.e,PGBP loss can be sett of against Capital Gain)

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Kapadia Pravin (17264 Points)
Replied 19 October 2019

Capital loss can not be set off against PGBP Income.

However reversal is possible but it's not mandatory. The Assesee has option to set off or not to set off.

Suresh Thiyagarajan (Student) (3986 Points)
Replied 19 October 2019

1. According to sec 74 loss under the head capital gains will be allowed to be set it off only against income under the same head.
2. STCL can be set it off against another STCG and LTCG. Whereas LTCL cannot be set it off against STCG.
3. No, loss under the head capital gains will not be allowed to be set it off against income under the head PGBP.
Please correct me if the above solution has an alternative view.