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
No. LTCL cannot be set off against STCG...
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.
LTCG CANNOT SETOFF AGAINST STCG AS LOWER RATE OF TAX LOSS CANNOT BE SETOFF . LTCG LOSS CAN C/F TO UPTO NEXT8 ASST.YEARS.
CAclubindia
