Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Capital gain tax

Tax queries 463 views 5 replies

S Venkatathri

Income Tax Consultant

30 Points Posted on 31 July 2019

Dear Sir,

In the last financial year( 2018-19) I had made a short term capital gains of Rs 3.77 Lakhs.

And in the same financial year had made a long term capital gains of - Rs 1.67 Lakhs(Loss)

Could you please confirm if I can offset this loss of Rs 1.67 Lakhs against the profit of Rs 3.77 Lakhs

made in the same financial year.

This clarification is required for filling my Income Returns.

Kindly confirm.

Thanks & Regards,

Satish

Replies (5)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211711 Points Posted on 31 July 2019

No. LTCL cannot be set off against STCG...

prasad Nilugal

GST Practitioner & Accounts

15093 Points Posted on 31 July 2019

Long term capital loss of Rs 1.67 can not be set off against 3.77 short term capital gain . you only can set off long term capital loss against long term capital gain .

please refer section 74(1) (b) of the Income tax act 1961

Also confirm with others also.

Kapadia Pravin

17264 Points Posted on 31 July 2019

But you can carry forward long term capital loss

Himani Jindal

23 Points Posted on 31 July 2019

long term capital loss can not be set off against short term capital gain but you can carry forward long term capital loss for next 8 assessment year.