Hi,
I have loss Long Term Capital Gain due to selling of equities. Can i offset it with the short term capital gain from equities in same year? If yes how do we declare this in Form 2?
Regards,
Varun
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Offset long term capital loss with short term gain
Replies (2)
No, LTCLoss cannot be setoff against STCGain.
Yes, CA Madhavi Pandit is absolutely right, but I want to add more i.e. the long term capital losses can't be set-off from any income.
Because the LTCG are exempted under section 10(38), therefore its loss can't be set-off against any income. So, you have to pay taxes @ 15% under 111A on short term capital gains if you have been charged STT.
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