1.last ay long term capital loss is rs 10000 which is carried forward.
2.This year ay long term gains is rs60000 which is less than 1lakh thus exempt.
can last yrs loss of rs10000 Not Be Adjusted against rs 60000 and can it be carried forward next year ?Or has it to be compulsorily adjusted this year?
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Is it compulsory to adjust last years LTCapital loss against this years LTCapital gains,
Replies (16)
Either you can adjust 10000 rupees against the long term capital gain or you can carry forward such loss
Thanks but can you please share the relevant I T section
You cannot adjust loss against an exempt income
I agree with the views of Mr.Veerender Singh
Does this mean that rs10000 will be carried forward to next year? will return utility allow it automatically?
But long term capital loss can be set off against LTCG.. Why it will be exempt??
Ltcg upto Rs. 1 lakh is exempt
Sourav please note ltcg upto rs1 lakh is exempt
If it is exempt then it won't be taken into total income calculation then there will be no question of setting of loss with gain.
normally setting of carried forward losses with gain is optional.
normally setting of carried forward losses with gain is optional.
The point was I would set it off in the year when against ltcg is more than rs110000; not this year as I haven't made ltcg of rs 100000: it's just rs60000
As i said, you can set off only when your ltcg exceeds 1L. suppose your ltcg is 1,10,000 then you can only set off 10k.
Can you please give the relevant sections?
Section 74
Thanks. capital gains INCOME should be more than exempt income for loss set off.
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