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Capital Loss Setoff on sale of property

Tax queries 154 views 2 replies

Anoop Agarwal

Manager

55 Points Joined December 2020

Dear Forum Members,

I incurred loss in sale of my farther property in FY-22-23, which is C/F to this FY.

I have Equity mutual fund brought in 2022 and having profit today, Can i sale some of this mutual fund equivalent to the loss from property sale +1 lac (exempted for LTCG) to avoid any tax.

Long term loss from house property sale can be compensated with long term gain from Equity MF OR Shares?

Please guide

Thanks in advance

Replies (2)

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

Yes you can do this quantum to cover c/f long term losses through long term capital gains + q lakh from any long term capital assets viz equity mutual fund/shares.

Also, you can do this c/f loss adjustment even in any subsequent 8 assessment years. So there need not be any hurry in doing this.

Rgds-CA. Raj Doshi-R C D & Co.-Chartered Accountants- Kandivali West-Mumbai