Can 'long term capital loss' arising from sale of securities can be offset against 'long term capital gain from sale of property' ??
2 Replies
Janani Subramanian
(Employed)
(151 Points)
Replied 03 February 2012
Long-term capital gain on shares where STT paid is exempt from income tax. So, long-term capital loss from shares where STT is paid cannot be adjusted against any long or short-term capital gain from any source. It cannot be carried forward to the next year too. These losses can be set-off against short-term as well as long-term gains of non-equity assets like real estate, jewellery, debt mutual fund units, gold exchange traded funds etc.
Nilesh Pandya
(proprietor)
(304 Points)
Replied 07 February 2012
The second statement of Mr. Subramanian contradicts the first one!
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