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Long Term Capital Gains (Sec 112A)

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Periasamy Rajeswaran

Managing Director

77 Points Posted on 16 May 2022

Sir

Good day to you

I have carried over Loss under LTCG (Sec 112A) - Rs 200000/-

and have LTCG during FY 2021-22 Rs 75000/-

Kindly let me know wheather this Loss of Rs Rs 75000/ will be adjusted out of the exempted limit of Rs 100000/ allowed every year or from the brought forward loss of Rs Rs 200000/

Kindly explain

Thanking you

I am

Rajeswaran Periasamy

rajeswaranper @ gmail.com

9442235649

Replies (4)

Quick Summary

This discussion clarifies the treatment of carried forward Long Term Capital Gains (LTCG) losses under Section 112A. It explains that any brought forward loss is first set off against current year LTCG. If the current year LTCG exceeds the exempted limit of Rs 1 lakh, the excess is taxed at 10%.

Akshat Varaiya

229 Points Posted on 16 May 2022

Any carried forward loss will first get set-off against the income earned in C. Y.
In your case, carried forward loss of Rs. 75,000 will be get set-off against LTCG of Rs. 75,000 and balance loss will be carried forward.
If your LTCG in C. Y. was more than 200,000 then it would be adjusted against the exempted limit of Rs. 100,000.

debora M

BUSINESS DEVELOPMENT MANAGER

1697 Points Posted on 20 May 2022

Section 112A provides for long-term capital gains tax on the sale of listed equity shares, equity-oriented mutual funds and business trust. The rate of long-term capital gains tax on these listed securities is 10% for gains exceeding the threshold of Rs 1 lakh.

JJJ

Need help

695 Points Posted on 20 May 2022

Originally posted by : debora M
	Section 112A provides for long-term capital gains tax on the sale of listed equity shares, equity-oriented mutual funds and business trust. The rate of long-term capital gains tax on these listed securities is 10% for gains exceeding the threshold of Rs 1 lakh.