ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Long Term Capital Gain set off

CA Rajiv Poddar (k) (65 Points)

19 February 2021  

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


 6 Replies

Amit Potadar (Consultant) (130 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 (Sr . Accountant and GST Practitioner . )   (6996 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 (17209 Points)
Replied 19 February 2021

Short term capital loss will have to be carry forward. it can not be set off against LTCG

Krishna Chaudhary (Accountant) (4531 Points)
Replied 20 February 2021

Hello,

STCL can be set off against LTCG
but LTCL can't be set off against STCG.
7 Like

SUSHANT BIDAYE (503 Points)
Replied 20 February 2021

Yes Krishna is right.

restriction is only for LTCL, StCL can be set off either against STCG or LTCG

Krishna Chaudhary (Accountant) (4531 Points)
Replied 20 February 2021

Thanku brother

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  





Subscribe to the latest topics :
Search Forum:

Trending Tags