Dear Sir/Madam
I have had a loss of Rs.100000 in my Equity oriented mutual funds after grandfathering and in my debt oriented mutual funds I have had a gain of Rs. 100000 after indexation. Now will my capital gain in debt oriented mutual funds be adjusted against my loss in equity oriented mutual funds with a net gain of zero? And if I cannot adjust my loss in equity oriented mutual funds against gain of debt oriented mutual funds will I get this Loss (LTCG) carried forward to subsequent eight years for set-off against LTCG.
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LTCG carried forward
Replies (1)
yes u can adjust it as both are coming long term capital assets .No need of carrying the loss to subsequent years.Earlier there is an exemption under sec 10(38) so losses are not allowed to be carry forwardable and ajustible but w e f introduction of sec 112A LTCG in excess of 1 lakh is taxed so the source is not exempted as earlier and so the losses are allowed to be adjusted and carry forwardable if not
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