if in the given AY if both LTCG and LTCL both are there ,is it necessary to set off LTCG AGAINST LTCL although LTCG is less than Rs 100000/- ?
please confirm
regards
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LONG TERM CAPITAL GAIN AND LOSS
Replies (3)
Quick Summary
Yes, it is mandatory; and the software is designed as per the rule...
Yes, As per set-off provision u/s. 70(3), LTCL for a year shall be set off against LTCG for that year, even if the LTCG fig is less than 1lakh. Because, LTCG per se is taxable but for tax liability, the threshold of Rs.1 Lakh is allowed u/s. 112AA.
Long term capital gains after April 2018.
A new section was introduced wherein sec 112A but was restricted to some class of assesses.
A new section was introduced wherein sec 112A but was restricted to some class of assesses.
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