Loss Under Capital Gains

Tax queries 1717 views 14 replies

Can Loss Under Long term Capital Gains be Setoff against any other head of income in the same year?

Similarly can deduction U/s 80C be claimed against long term Capital gain?

Replies (14)

 long term capital loss can be sett off against long term capital gain and deduction u/s 80C is not available against LTCG.

In case of Equity share long term capital loss is not allowed to be sett off.

Originally posted by :CA Devanshi Gandhi
" long term capital loss can be sett off against long term capital gain and deduction u/s 80C is not available against LTCG.
In case of Equity share long term capital loss is not allowed to be sett off.
"


agree with above person.

equity share longterm capital loss is not allowed to set-off only if stt is paid i.e., transaction is done through a stock exchange

Agree with the above answer

Hi... Refer following two points :
  • Capital loss can not be adjusted against any other head whether salary ,Business & profession,House Property,Income from other source.
  • Long term capital gain loss can not be adjusted against Short term capital gain however Short term capital loss can be adjusted against both Long term capital gain and Short term capital gain

 

Moreover, u can carry ur LTCL to next year.., its allowed for 8 YEARS...

I agree with above answers.

Originally posted by :D н ! я σ √
" Hi... Refer following two points :



Capital loss can not be adjusted against any other head whether salary ,Business & profession,House Property,Income from other source.
Long term capital gain loss can not be adjusted against Short term capital gain however Short term capital loss can be adjusted against both Long term capital gain and Short term capital gain


 
Moreover, u can carry ur LTCL to next year.., its allowed for 4 YEARS...
"


 

             Also deduction under sec 80C can't be claimed against LTCG.

If the loss in LTCG is on account of Equity Shares that are exempt, it cannot be adjusted against LTCG anywhere else. LTCG Loss only between LTCG on other movable properties & immovable properties can be adjusted against each other.

LTCL CAN BE CARRY FORWARD FOR 8 YRSSSSSSS

 Is nt it allowed 4 8 yrs???and if d transaction is according to the provisions of 10(38) no such adjustment with even LTCG is allowed.

 Long-term capital loss arising on sale of capital asset other than equity shares and units of equity-oriented mutual fundwhich are subject to securities transaction tax (STT) can be set off in the same assessment year as well as in subsequentassessment years (in case of carry-forward) only against long-term capital gainincome. Carry-forward of loss is allowed up to eight assessment years.

Long-term capital loss arising on sale of equity shares and units of equity-orientedmutual fund, which is subject to securities transaction tax (STT), is not allowed to be either set off or carried forward (as income from such source is exempt from tax) [Section 14A].

Hi,

Please refer the following:

1)Loss u/h capital gain can be set of against only from same source & under same head,not from inter source under same head or from inter head whether in same year or for any other year,moreover it can be carry forward for 8 A/Y's.

2)No,deduction u/s 80C cannot be claimed from LTCG.

so.final conclusion is dat

1) ltcloss other than ones u/s 10(38) can be set off against ltcg

2) ltcloss cannot b set off under stcg.

3) such ltcloss need be c/f for 8 years to b set off under d same head n the same source

4) 80C dedn not avlbl in case of ltcg..

 

right?

so.final conclusion is dat

1) ltcloss other than ones u/s 10(38) can be set off against ltcg

2) ltcloss cannot b set off under stcg.

3) such ltcloss need be c/f for 8 years to b set off under d same head n the same source

4) 80C dedn not avlbl in case of ltcg..

 

right?

And yes NEHA...,,,, deduction can't be claimed in this...


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