Hello,
I want to know if Long term Capital Gain can be set off against first Long Term Capital Loss and thereafter, if gain still remains, with Short Term Capital Loss?
Regards
Rajiv
CA Rajiv Poddar (k) (65 Points)
19 February 2021Hello,
I want to know if Long term Capital Gain can be set off against first Long Term Capital Loss and thereafter, if gain still remains, with Short Term Capital Loss?
Regards
Rajiv
Amit Potadar
(Consultant)
(135 Points)
Replied 19 February 2021
Hi Rajiv,
First you should go for Intra Head adjustments, in case of excess amount you can offset the same with inter-head also. incase there is no LTC Loss then you offset the LTCG with STC Loss.
Amit.
prasad Nilugal
( GST Practitioner & Accounts )
(14149 Points)
Replied 19 February 2021
please refer section 74(1) (b) of the Income Tax act 1961 , One can not set off Short term capital loss against Long term capital gain , In think in any case .
Kapadia Pravin
(17249 Points)
Replied 19 February 2021
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 20 February 2021
SUSHANT BIDAYE
(578 Points)
Replied 20 February 2021
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